NEW YORK (
) -- Shares of
tanked Thursday after the Santa Clara, Calif.-based digital imaging technology company gave a weak outlook for the current quarter.
The company said it expects non-GAAP earnings of 52 to 64 cents a share in the October-ending quarter on revenue ranging from $255 million to $275 million. That view is well below the current average estimate of analysts polled by
for fiscal second-quarter earnings of 81 cents a share on revenue of $305.7 million.
The stock was last quoted at $17.80, down 28%, on volume of nearly 700,000, according to
. Based on a regular session close at $24.82, the shares were already down nearly 13% so far in 2011.
OmniVision's fiscal first-quarter non-GAAP earnings of $47.2 million, or 76 cents a share, on revenue of $276.1 million topped the consensus profit view by a nickel, and Wall Street was exceptionally bullish ahead of the report with 8 of the 10 analysts covering the stock rating it at either strong buy (4) or buy (4).
dipped in late trades on Thursday despite the Sunnyvale, Calif.-based company topping Wall Street's profit expectations by a penny in the latest quarter.
The company reported non-GAAP earnings of $20.2 million, or 17 cents a share for the three months ended in July on revenue of $113.8 million, up 47% year-over-year. The average estimate of analysts polled by
was for a profit of 16 cents a share in the company's fiscal fourth quarter on revenue of $109.2 million.
"Demand for our wireless LAN solutions continued to be strong throughout our fiscal fourth quarter, as revenue increased by 47 percent year-over-year and 8 percent sequentially," said Dominic Orr, the company's president and CEO, in a statement. "Mobile device adoption continues to accelerate resulting in proliferating demand for Enterprise mobility solutions. Revenue from the existing customer base remains strong and we are especially encouraged by our rapid new customer acquisitions adding over 4,500 customers in the last twelve months."
The stock, however, was last quoted at $16.50, down nearly 4%, on volume of roughly 430,000, according to
. The volatile shares remain up more than 5% for the past year but have now fallen more than 50% since hitting a 52-week high of $36.40 on May 2.
Other stocks active in late trades included digital music streaming company
, which added 4% to $13 on volume of almost 500,000 after the company
Krispy Kreme Doughnuts
, which tacked on 2% to $$8.02 on volume of around 110,000 after the company delivered fiscal second-quarter earnings of $8.8 million, or 12 cents a share, on revenue of $98 million.
Written by Michael Baron in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.