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What: Shares of InvenSense (NYS: INVN) got crushed today, down by as much as 13%, after the company reported earnings and its CEO stepped down.
So what: Revenue in the second quarter came in at $55.3 million, which resulted in net income of $13.7 million, or $0.16 per share. Those figures narrowly missed the consensus estimates of $55.6 million in sales and a $0.17 per share profit. The results were near the midpoint of the company's guidance.
Now what: Founder Steven Nasiri is stepping down as CEO and chairman, although he will remain a director and serve as an executive through the end of the year to make for an easy transition. Nasiri founded InvenSense nearly a decade ago and held the CEO and chairman positions since then. Behrooz Abdi has been appointed as CEO, after serving as a director since last summer.
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The article Why InvenSense Shares Got Crushed originally appeared on Fool.com.
Evan Niu, CFA, has no positions in the stocks mentioned above. The Motley Fool owns shares of InvenSense. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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