What: Shares of Omnivision Technologies, (NASDAQ:OVTI) rose more than 10% during Friday's intraday trading, then settled to close up 6.6% after the digital imaging specialist released better-than-expected fiscal third-quarter 2014 results.

So what: Though Omnivision's quarterly revenue fell 16.9% year over year, to $352 million, it translated to 23.2% growth in adjusted net income, to $0.69 per diluted share. Analysts, on average, were looking for earnings of just $0.35 per share on sales of $326.63 million.

For the current quarter, Omnivision expects revenue of $275 million to $305 million, and non-GAAP net income per diluted share between $0.19 and $0.35. Analysts were modeling fiscal fourth-quarter earnings of $0.22 per share on sales of $284.86 million.

Now what: OmniVision CEO Shaw Hong expressed optimism for his company's prospects, pointing to its PureCel sensors, which are "gaining traction in the market. PureCel sensors have significantly better pixel performance, lower power consumption, and an attractive cost structure. We are very excited about our new product lineup."

Omnivision's top line may be headed in the wrong direction, but today's results are encouraging nonetheless. I'm not personally compelled enough to dive in today, but with shares trading at just 0.6 times sales and only 12 times next year's estimated earnings, OmniVision stock might just be able to continue rising from here.

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Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.