Chinese fabless semiconductor developer Vimicro International Corporation (Nasdaq: VIMC) announced full year 2007 and first quarter 2008 financials after market close on Tuesday. Vimicro recorded full year 2007 net revenue of $92.8 million, down from $126.6 million last year, with fourth quarter revenue of $24.3 million. For the year, Vimicro reported a net loss of $2.0 million, compared to net income of $9.7 million in 2006. Fourth quarter net income was $1.4 million.

In the first quarter, net revenue was $16.2 million, down from $16.9 million in the year-ago period, with a net loss of $3.2 million, compared to a $3.8 million loss in the first quarter of 2007. Vimicro expects second quarter revenue to come in between $22 million and $24 million.