UPDATE 1-CEVA Q1 profit beats Wall Street; shares rise

(Recasts, adds details, outlook, share movement)

April 29 (Reuters) - CEVA Inc (CEVA.O), an Israeli licensor of semiconductor intellectual-property designs, posted a quarterly profit that beat market estimates, helped by higher royalties revenue as it expanded its market share in the cellular handset market, sending its shares up as much as 10 percent.

CEVA posted first-quarter earnings of $5.5 million, or 27 cents a share. It broke even a year earlier.

Revenue for the quarter rose 30 percent to $10.1 million. Royalties revenue jumped more than 90 percent to $3.7 million.

Excluding items, the company earned 9 cents a share for the first quarter.

Three analysts on average were expecting earnings of 6 cents a share, before items, on revenue of $9.8 million, according to Reuters Estimates.

For the second quarter, the company forecast revenue of $9.4 million to $10.4 million. Analysts were expecting revenue of $9.7 million.

The San Jose, California-based company's shares rose to a high of $10.10, before falling back to trade up 57 cents at $9.77 Tuesday afternoon on Nasdaq. (Reporting by Bijoy Koyitty in Bangalore; Editing by Pratish Narayanan)