Shares of OmniVision Technologies Inc. (NASDAQ: OVTI), a developer and marketer of integrated and semiconductor image-sensor devices, have risen sharply before the opening bell.
OVTI shares are up 10.50% to $17.58 in pre-market trading. The rally in OVTI shares has been sparked by the announcement of the company’s first-quarter financial results.
For the first quarter ended July 31, 2012, OVTI reported revenue of $258.1 million, compared to $218.5 million reported in the previous quarter. GAAP net income for the first quarter of fiscal 2013 was $2.3 million, or $0.04 per share, compared to net income of $2.7 million, or $0.05 per share reported in the previous quarter. On a non-GAAP basis, OVTI reported net income of $11.6 million, or $0.21 per share for the first quarter.
Shaw Hong, CEO of OmniVision Technologies, said that for the third straight quarter, the company reported revenue that exceeded the high-end of its guidance and the company anticipates another sequential increase in its second-quarter revenue. Hong said that while OVTI is successful in rebuilding revenue momentum, the company’s gross margins remain under pressure as a result of its current cost structure. Hong added that company continues to take actions that it believes will lead to margin expansion over time.
Looking ahead, OVTI expects second-quarter revenue to be between $355 million and $390 million. GAAP net income for the second quarter is expected to be between $0.06 per share and $0.22 per share. Non-GAAP net income for the second quarter is expected to be between $0.21 per share and $0.37 per share.
Shares of Splunk Inc. (NASDAQ: SPLK), a provider of a software platform, are also soaring before the opening bell.
SPLK shares are up 14.56% to $34.94 in pre-market trading today. SPLK shares are rallying after the company reported its second-quarter financial results.
For the second quarter ended July 31, 2012, SPLK reported total revenue of $44.5 million, representing an increase of 71% over the same period in the previous year. The company’s license revenue for the second quarter was $30.2 million, representing an increase of 61% over the same period in the previous year.
SPLK reported a GAAP operating loss of $4.5 million for the second quarter. The company’s non-GAAP operating loss for the quarter was $0.7 million. GAAP net loss for the second quarter ended July 31, 2012 was $4.6 million, or $0.05 per share. On a non-GAAP basis, the company posted a loss of $0.01 per share.
Looking ahead, the company expects third-quarter revenue to be between $45 million and $47 million. Non-GAAP operating margin for the third quarter is expected to be between negative 4% and negative 5%.
For the full year, SPLK expects total revenue to be between $183 million and $186 million. This compares to the previous guidance range of $174 million to $177 million. Non-GAAP operating margin for the full year is expected to be between negative 2% and negative 3%, compared to previous guidance of negative 4% to negative 5%.
Godfrey Sullivan, Chairman and CEO of Splunk, said that the momentum that the company realized in its first quarter of fiscal 2013 has continued into its second quarter. Sullivan said that SPLK added nearly 400 new customers and is equally excited about the expanded use of Splunk in the company’s existing customer base.