NEW YORK (TheStreet) -- Shares of InvenSense (INVN) plummeted 15.88% to $18.07 in after-hours trading Tuesday after the micro-electro-mechanical systems designer reported second-quarter results that came up short of analysts' expectations.
The company reported adjusted earnings per share of 5 cents, down from 21 cents in the same period one year earlier. Revenue increased year-over-year to $90.2 million from $70.9 million.
The consensus estimate called for earnings of 16 cents a share on revenue of $90.48 million.
"This is an exciting time for our company," said President and CEO Behrooz Abdi. "Q2 was a record revenue quarter, with the North America region leading our growth. During the quarter, we successfully ramped several key design wins, leveraging our strategic inventory of second-generation 6-axis products in order to meet demand for both our second and third generation devices."
"With strong market share gain in mobile, our team has executed on the first step in our growth strategy, while our investment in content increase has delivered a full portfolio of differentiated products that we believe will provide meaningful growth opportunity for years to come," Abdi continued. "As we move beyond the second quarter`s inventory adjustment, we believe that our solid business model will allow us to drive improved earnings leverage and shareholder return in the coming quarters."