OmniVision shares fall after 1st-quarter revenue misses Wall Street expectations

Thursday, August 26, 2010

OmniVision shares fall on 1Q revenue miss

SANTA CLARA, Calif. — OmniVision Technologies Inc., which makes chips for digital cameras and Web cameras, on Thursday reported first-quarter net income of $16.9 million, or 30 cents per share, reversing a loss a year earlier.

But its first-quarter revenue — $193.1 million, an 83 percent increase from $105.6 million a year earlier — fell short of analyst expectations.

And its shares fell $1.04, or 4.7 percent, to $21.09 in aftermarket trading.

Excluding stock-based compensation and related tax effects, the company said it earned 39 cents per share in this year’s first quarter. Analysts polled by Thomson Reuters on average expected 35 cents per share on that basis.

Analysts on average were expecting revenue of $205 million for the period that ended July 31, while the company had predicted $190 million to $210 million.

The company, based in Santa Clara, Calif., posted a loss of $9.9 million, or 19 cents per share, in the same period last year.

OmniVision said it expects to report second-quarter net income, excluding one-time items, between 46 cents and 59 cents per share on revenue between $220 million and $240 million.

Analysts were expecting earnings of 41 cents per share on that basis and revenue of $222 million.

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