Results – revenue $79.83M (-29.1% Y/Y, $0.16 above estimates), EPS $0.02 ($0.01 below estimates), gross margin 46% (unchanged Q/Q), net income $1.7M (vs. $4.9M net loss Q/Q)
InvenSense (NYSE:INVN) president and CEO: "The InvenSense team delivered solid results in the second fiscal quarter. We are encouraged that our R&D investments are beginning to pay off with new design wins which we anticipate will allow us to penetrate new markets. While the consumer and mobile markets were and remain soft, we believe this design win activity will position us for strong top line growth in fiscal 2018 as we strive to diversify our business."
Combination of InvenSense (NYSE:INVN) fabrication and MEMS-based motion tracking devices with Panasonic's (OTCPK:PCRFY) established automotive channels and development insight highlighted.
InvenSense: "We are proud to collaborate with Panasonic. This joint partnership enables Panasonic and InvenSense to bring to market the best 6-axis inertial device for automotive safety applications, enabling our customers with increased installation flexibly, higher utilization and improved performance. Soaring demand for advanced sensor systems to support automated driving systems and big-data analytics is imperative as the market goes through a technology consumerization."