Gyroscopic sensor maker InvenSense (NYSE: INVN ) reported fiscal 2014 second-quarter results yesterday after the markets closed, showing that it posted net revenues of $70.9 million, a robust 28% increase from the $55.3 million in the same period in the previous year, just ahead of the $69.2 million Capital IQ consensus estimate. Share were down more than 10% this morning.
While adjusted net income came in at $13.61 million, or $0.21 per share, essentially unchanged from $13.66 million, or $0.18 per share, in the same period in 2013, it was $0.02-per-share better than the CapIQ estimates of $0.19 per share.
InvenSense says it is seeing new opportunities evolve in consumer electronics applications for its technology that resulted in record levels of revenue and unit shipments in the quarter.
The gyroscopic sensor maker didn't provide guidance for the coming quarter or for its full-year 2014 results, but analysts anticipate InvenSense will post earnings of $0.22 per share in the third quarter and $0.71 per share for the fiscal year on revenues of $75.6 million and $266.6 million, respectively.