In this Thursday, Dec. 13, 2012 photo, amazon shipments are packaged in Koblenz, Germany. Amazon’s fourth-quarter net income fell 45 percent, as sharply higher revenue failed to keep pace with increased spending on order fulfillment and digital content, a trend that’s become the norm for the world’s largest online retailer. (AP Photo/dapd, Harald Tittel)
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In this Thursday, Dec. 13, 2012 photo, amazon shipments are packaged in Koblenz, Germany. Amazon’s fourth-quarter net income fell 45 percent, as sharply higher revenue failed to keep pace with increased spending on order fulfillment and digital content, a trend that’s become the norm for the world’s largest online retailer. (AP Photo/dapd, Harald Tittel)
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FILE - In this July 27, 2007, file photo, signs for American Express, Master Card and Visa credit cards are shown on a New York store's door. American Express says its net income fell 47 percent in the fourth quarter of 2013, as the credit card issuer racked up hefty charges related to restructuring costs and other one-time expenses. (AP Photo/Mark Lennihan, File)
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In this May 14, 2012 photo, shoppers walk by the GAP store at a shopping mall in Peabody, Mass. Gap Inc. announced Thursday, Nov. 15, 2012, it is raising its outlook for the year after its third-quarter net income rose 60 percent from a year ago. (AP Photo/Elise Amendola, File)
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In this Thursday, Sept. 22, 2011, photo, employees at Groupon pose in silhouette by the company logo in the lobby of the online coupon company's Chicago offices. Groupon Inc., the No. 1 online deals service, failed to show investors on Thursda, Nov. 8, 2012, that its business is growing as quickly as they would like, as it was hurt by what it called "continued challenges" from the economic weakness in Europe. (AP Photo/Charles Rex Arbogast)
OmniVision posts 3Q profit but outlook is weak
SANTA CLARA, Calif. (
AP) —
OmniVision Technologies Inc. said Thursday that it earned a quarterly profit of $21.3 million as revenue more than doubled, but the seller of digital imaging products offered a disappointing forecast and shares fell in after-hours trading.
The company said that income excluding certain items in the quarter ending in April will be 14 cents to 29 cents per share, below analysts' forecast of 32 cents per share, according to FactSet.
OmniVision expects quarterly revenue of $300 million to $330 million, but analysts were predicting $375.4 million.
The shares fell 15 cents to $15.41 in regular trading, then dropped another $1.66, or 11 percent, to $13.75 during extended trading.
Net income in the company's fiscal third quarter, which ended Jan. 31, was 40 cents per share, compared with $111,000, or less than a penny per share, a year earlier. The company said that excluding the expense of stock-based compensation, it would have earned 56 cents per share.
Revenue rose 129 percent to $423.5 million from $185.2 million a year earlier.
Analysts expected the company to report adjusted earnings of 41 cents per share on revenue of $411.5 million.
The company said more sales of higher-priced products helped push gross margins up slightly to 16.9 percent.
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