InvenSense Inc (NASDAQ:INVN) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 9.99%.
InvenSense Inc Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 114.29% to $0.15 in the quarter versus EPS of $0.07 in the year-earlier quarter.
Revenue: Rose 66.9% to $55.21 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: InvenSense Inc reported adjusted EPS income of $0.15 per share. By that measure, the company beat the mean analyst estimate of $0.14. It beat the average revenue estimate of $53.2 million.
Quoting Management: “The InvenSense team continued to deliver solid results in a highly competitive market this quarter where we were able to deliver above the higher end of our stated revenue outlook for Q4 of $52.0 million to $54.0 million, with revenue for the quarter of $55.2 million. Our March quarter revenue increased 67% year over year, with smartphones and tablets leading the growth, representing over 80% of total revenue.” said Behrooz Abdi, CEO and President. “Also, last quarter our customer design pipeline for fiscal year 2014 continued to expand significantly across all of our products, with solid traction for the 6-axis product (MPU-6500), 9-axis product (MPU-9250), and 2-axis (IDG-2020) in optical image stabilization applications. We look forward to ramping these design wins to production as they contribute to our continued market share gain in mobile and computing, and consumer market segments.”
Key Stats (on next page)…