Why InvenSense Soared
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What: Shares of InvenSense (NYS: INVN) soared by as much as 30% after the company reported upbeat earnings and guidance.
So what: First-quarter sales totaled $39.2 million, with net income of $7.7 million, or $0.09 per share. That bottom-line result is just about what analysts were expecting. CEO Steven Nasiri said the company is encouraged by continued adoption of its Motion Interface offerings.
Now what: The company expects second-quarter sales to be in the range of $53 million-$57 million, on the high end of the consensus of $54.3 million. InvenSense launched its six-axis MotionTracking solution, which is seeing strong adoption already in smartphones and tablets, including "mid-range" devices. The company saw some limited availability in various other components but the Motion Interface family did well.
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The article Why InvenSense Soared originally appeared on Fool.com.Fool contributor Evan Niu holds no position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of InvenSense. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.