GAAP gross margin was 21.9%, as compared to 22.6% for the previous quarter and 22.0% a year ago. The decrease in gross margin was attributable to broad-based price erosions, particularly in the mobile phone market.
The Company ended the period with cash, cash equivalents and short-term investments totaling $613.5M, an increase of $19.7M from the previous quarter.
"We are very pleased with our second quarter results. We have exceeded our own expectations, despite demand uncertainties in our various target markets," said Shaw Hong, CEO of OmniVision. "Regardless of these short-term uncertainties, we will continue to invest in the future of our business, and ultimately, return to our long-term growth trajectory."
Based on current trends, the Company expects revenues for the next quarter in the range of $310M to $340M.
