July 31, 2014 / 11:55 AM / in 3 years

Ceva misses estimates with zero earnings, drop in revenue

JERUSALEM, July 31 (Reuters) - Israeli mobile chip designer Ceva Inc reported no earnings and missed estimates on Thursday, pulled down by a 28 percent drop in revenue.

Ceva reported diluted earnings per share were zero, versus EPS of 15 cents a year earlier. Revenue dipped to $9.2 million from $12.8 million, with both licensing and royalty revenue down sharply.

The company was forecast to have earned 4 cents a share ex-items on revenue of $10.55 million, according to Thomson Reuters I/B/E/S. Ceva itself had projected revenue of $10-$11 million and adjusted EPS of 3-5 cents.

“Notwithstanding the challenges we experienced in the second quarter of 2014, we are forecasting record high licensing revenue for the third quarter driven by strong demand for our DSPs (digital signal processors),” said Yaniv Arieli, Ceva’s chief financial officer.

Ceva expects third-quarter revenue of $13.3-$14.3 million.

“Looking ahead, we are seeing a good licensing pipeline and improved visibility for the upcoming quarter,” said Gideon Wertheizer, Ceva’s chief executive. “We are expecting sequential royalty revenue growth driven by an increase in baseband shipments.” (Reporting by Steven Scheer)

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