Omnivision Tech Shoots Higher

The company reports a solid second quarter and raises its guidance.
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Omnivision Technologies

(OVTI)

is up $5.71, or about 10%, to $61.30 Thursday morning after saying it will post fiscal third-quarter revenue and earnings much higher than analysts expected.

Analysts polled by Thomson First Call had expected the semiconductor company to earn 30 cents a share on revenue of $69 million for the quarter ending Jan. 31, 2004. The company says it now expects to earn up to 42 cents a share on revenue as high as $78 million. Omnivision makes chips that are used in imaging devices such as digital cameras and cell phones that include cameras.

The company also reported fiscal second quarter earnings and revenue that showed solid growth versus the first quarter and also beat analysts expectations. For the second quarter, the company earned $11.6 million, or 39 cents a share, on revenue of $69 million vs. $3 million, or 12 cents a share, on revenue of $21 million in the prior quarter. Analysts had expected the company to earn 31 cents a share on revenue of $65 million.