Friday, August 31, 2012

OmniVision Technologies (OVTI) & Splunk (NASDAQ:SPLK) Shares Rise on Upbeat Outlook

Shares in image sensor-maker OmniVision Technologies, Inc.(NASDAQ:OVTI ) rose after the company reported better-than-expected revenue for its fiscal first quarter, and raised its revenue outlook for the current quarter.

Its shares rose $0.69, or 4.34 percent, to $16.60 at mid day trading on Thursday.

OmniVision said revenue for the three months ended July fell 6.5 percent to $258 million. Profit fell to $2.3 million, or 4 cents per share, from $42 million, or 68 cents per share in the prior-year period. Excluding one-time items the company would have earned 21 cents per share.

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Analysts expected adjusted earnings of 22 cents per share on revenue of $243.4 million.

In its second quarter the company expects earnings without one-time items of 21 to 37 cents per share on revenue of $355 million to $390 million.

Analysts estimated 33 cents per share on revenue of $270.3 million for the current quarter.

Shares of Splunk Inc(NASDAQ:SPLK) also advanced in extended trading after the data-management software maker posted strong fiscal second-quarter revenue gains and raised its forecast for the fiscal year.

Revenues of the company rose 71 percent to $44.5 million, almost $5 million more than analysts expected. It raised its full-year revenue estimate by about $9 million.

Splunk, which completed its initial public offering in April, said it lost $4.6 million, or 5 cents per share, over the three months ended July 31.

In the year-ago quarter the company lost $3.9 million, or 20 cents per share. Analysts forecast a loss of 7 cents per share and $39.8 million in revenue.

Is SPLK Still a Buy after Today’s Rally? Find Out Here

The company is now projecting revenue of $183 million to $186 million for the fiscal year ending Jan. 31, up from a previous outlook of $174 million to $177 million.

Splunk shares rose by $4.42, or 14.48 percent, to $34.92.

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