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What: Shares of OmniVision Technologies (NAS: OVTI) shone bright this morning, up by as much as 12%, before giving up most of those gains after the company reported a solid earnings release. More importantly, however, they said that they expected a very strong quarter in the pipeline.
So what: Revenue in the first quarter of its fiscal 2013 came out to $258.1 million, which turned into adjusted non-GAAP net income of $11.6 million, or $0.21 per share, by the time it reached the bottom line. Sales beat estimates, but earnings fell short; but the real news was in second quarter guidance.
Now what: OmniVision expects next quarter to see sales of between $355 million and $390 million. That's a very solid indication that the company has scored the backside illuminated sensor spot in Apple's (NAS: AAPL) imminent iPhone 5, grabbing the spot back from Sony (NYS: SNE) , and one that investors can bank on. For context, even the low end of that guidance would be the highest the company has ever posted, by about $79 million.
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The article Why OmniVision Shares Shined Brightly originally appeared on Fool.com.
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