OmniVision (OVTI) shares are taking a beating, down 10.3% AH after the company released mixed FQ1 results and lower-than-expected guidance. FQ2 revenue is expected to be $375M-$410M (consensus of $406.6M) and EPS is forecast to be $0.36-$0.53 (consensus of $0.49).
CEO Shaw Hong: "[A]s competition intensified in response to the market slowdown, the forecasts for some of our products were negatively affected."
Gross margin fell to 17.4% in FQ1 from 19.1% in FQ1 2012.
Opex as a % of revenue fell to 12.9% in FQ1 from 19.3% in FQ1 2012. Hong: "We continue to pursue cost reductions across our supply chain."