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.