- Though it beat FQ1 estimates, InvenSense (NYSE:INVN) guided on its earnings call (webcast) for FQ2 revenue of $106M-$114M and EPS of $0.13-$0.15, below a consensus of $115.5M and $0.17. However, a soft outlook was expected by many, given the light calendar Q3 guidance provided by a slew of other chipmakers.
- Gross margin (affected by Apple/Samsung pricing) remained under pressure in FQ1, dropping to 44.6% from FQ4's 46% and the year-ago period's 49.6%, and slightly missing guidance of 45%-46%. FQ2 GM guidance is at 44%-45%. Operating expenses rose 32% Y/Y to $32M (compares with 59% revenue growth).
- Apple and Samsung respectively accounted for 38% and 23% of FQ1 revenue, and a third company (presumably a Chinese OEM) 10%. The U.S. was responsible for 41% of sales, Korea 27%, and China 23%. Smartphones/tablet motion sensor sales made up 72% of revenue, OIS gyroscopes 15%, and other end-markets 12%.
- INVN +0.5% AH to $12.82. Shares fell 6.6% in regular trading ahead of earnings, following other Apple suppliers lower.
- FQ1 results, PR