OmniVision Raises Guidance
OmniVision (OVTI) shares jumped late Thursday after the camera chipmaker posted solid fiscal first-quarter numbers and raised guidance.
The Sunnyvale, Calif., tech shop recorded a net income of $14.4 million, or 24 cents a share, on $96 million in sales for the quarter ended July 31. Those numbers compare with a profit of 32 cents a share on $99 million in revenue in the year-ago period. Analysts were looking for earnings of 25 cents on sales of $95 million.
Looking ahead, the company says it expects net income to increase to as much as 33 cents a share on about $115 million in sales. That's an 18% sequential growth rate. Analysts were expecting about 8% top-line growth, according to Thomson First Call.
OmniVision shares rose $1.73, or 13%, to $15.11 in postclose trading Thursday.
