OmniVision Technologies Inc. (NASDAQ: OVTI) is getting pounded in the after-hours session after the phone-camera chipset maker beat earnings but gave a weak guidance ahead. The acquisition of CameraCube helped the company. The disappointing quarter and outlook were attributed to an “unexpected cutback in customer orders during the second quarter.”
The company’s quarterly earnings (Q2) fell to $0.35 EPS from $0.50 EPS a year ago and the company had a one-time gain in the report. The earnings outside of unusual items was $0.48 EPS and revenue fell to $217.9 million this quarter from $239.5 million last year.
It guided third quarter estimates to $0.05 to $0.17 EPS and it put sales at $160 to $180 million, while estimates are $0.26 EPS and north of $201 million in sales.
OmniVision closed down 4.5% and shares are down over 11% at $9.92 in the after-hours trading session. This will mark a 52-week low if the stock remains this week as the prior 52-week trading range is $10.40 to $37.04.
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