OmniVision Tumbles After Saying It Will Report Lower Quarterly Revenue
OmniVision Technologies Inc. (OVTI), the maker of digital-imaging components for consumer electronics, fell after the company said it will report lower second-quarter revenue than previously forecast, citing a drop in orders.
Shares of Santa Clara, California-based OmniVision tumbled 18 percent to $14.26 at 4 p.m. in New York, the steepest drop since Aug. 26. The stock has fallen 52 percent this year.
OmniVision’s announcement today follows analysis last month by Chipworks, which studies electronics components, that showed Apple Inc. (AAPL)’s iPhone 4S smartphone used an image sensor made by Sony Corp. (6758) rather than one by Omnivision. The company’s products had been used in at least one previous iteration of the device, according to Chipworks’ analysis.
Revenue for the second quarter ended Oct. 31 will be $212 million to $217 million, down from a prior forecast of $255 million to $275 million, the company said in today’s statement. That compares with an average estimate of $259.3 million from nine analysts surveyed by Bloomberg.
Scott Foster, an OmniVision spokesman, didn’t immediately return a call and e-mail seeking comment.
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