UPDATE 1-CEVA sees Q4 revenue up 15-27 pct; ups FY view

TEL AVIV, Oct 29 (Reuters) - CEVA Inc (CEVA.O), an Israeli licensor of semiconductor intellectual property designs, on Wednesday forecast fourth-quarter revenue of $9.5 million to $10.5 million, a gain of 15 to 27 percent over the year-earlier period.

It said it expects gross profit to amount to 90 percent of revenue. It also estimated operating expenses will reach $8.3 million to $8.9 million and financing income to total $600,000. It estimated its tax rate at 15 percent.

For all of 2008, CEVA revised slightly upward its revenue estimate to $39.8 million to $40.8 million, a rise of 20 to 23 percent over 2007. This compares with an earlier forecast of a 17 to 23 percent gain.

Earlier, CEVA posted third-quarter revenue of $10.2 million and earnings per share of 7 cents.

Excluding one-time items, EPS was 9 cents in the quarter, compared with analysts' consensus estimate of 6 cents.

(Reporting by Tova Cohen; Editing by Hans Peters)