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What: Shares of InvenSense have soared today by upwards of 13% after the company reported better-than-expected earnings.
So what: Revenue in the quarter came out to be $58.9 million, with net income of $16.8 million, or $0.19 per share. Those figures are up from $41.2 million in sales and a profit of $10.6 million a year prior. The company now has $192.6 million in cash and equivalents on the balance sheet.
Now what: CEO Behrooz Abdi said it was a record quarter in terms of revenue as well as unit shipments, thanks to design wins with the company's MotionTracking lineup. The company's newest generation of products feature an integrated gyroscope and accelerometer, which are frequently found in mobile devices today. The results came just a day after Pacific Crest initiated coverage on the company with an outperform rating and $15 price target. Shares were pennies away from that target today.
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The article Why InvenSense Shares Soared originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool owns shares of InvenSense. The Motley Fool is short 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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