SUNNYVALE, Calif. (AP) — InvenSense Inc., which provides motion sensors used in consumer electronics, saw its profit jump in its fiscal second quarter, as stronger demand for its motion tracking sensors helped drive revenue higher. The company also said Tuesday that founder and CEO Steven Nasiri is stepping down.
Nasiri, who also has held the title of chairman since the company's inception in 2003, will continue to serve in an executive role at the company and remain on the board of directors through the end of the year, the company said.
Behrooz Abdi, most recently a general manager for NetLogic Microsystems Inc., has been tapped to take over as chief executive and president on Wednesday. He's held a seat on InvenSense's board in June last year.
Shares of the Sunnyvale, Calif., company tumbled 18 percent in aftermarket trading.
For the quarter ended Sept. 30, InvenSense reported net income of $13.7 million, or 16 cents per share. That compares with net income of $2.8 million, or 14 cents per share, in the same period last year. Last year's net income excludes $8.6 million that was allocable to convertible preferred stockholders.
Revenue grew to $55.3 million from $43 million a year earlier.
Analysts' consensus forecast called for earnings of 17 cents per share on $55.6 million in revenue, according to FactSet.
InvenSense went public in November.
Shares ended regular trading up 20 cents at $12.49. The stock shed $2.21 to $10.28 in extended trading.