OmniVision shares are trading sharply lower after the imaging sensor company provided disappointing financial guidance for the fiscal third quarter ending in January.
For FY Q2 ended October 31, Omnivision reported revenue of $217.9 million, down from $276.1 million in Q1, and 239.5 million a year ago, but a bit ahead of the recently reduced guidance range of $212 million to $217 million. Street consensus was for $214.6 million.
Non-GAAP profits for the quarter were 48 cents a share, ahead of the Street at 32 cents.
Earlier this month, the company had warned that results were being hampered by �an unexpected cutback in orders for certain key projects that are currently in production.�
For the January quarter, the company sees revenue of $160 million to $180 million, with non-GAAP profits of 5-17 cents a share; that�s below the previous Street consensus at $201.4 million and 26 cents.
OVTI in late trading is down$1.29, or 11.5%, to $9.90.
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