TEL AVIV, Nov 8 (Reuters) - Israeli chip designer Ceva Inc reported on Thursday a smaller-than-expected drop in quarterly profit, as royalty revenue recovered in the wake of new smartphone deployment.
Ceva earned 23 cents per diluted share excluding one-time items in the third quarter, compared with 36 cents a year earlier. Revenue fell 11 percent to $21.4 million.
The company, a licensor of signal processing platforms and artificial intelligence processors, was forecast to earn 20 cents a share on revenue of $21.4 million, according to I/B/E/S data from Refinitiv.
Ceva signed 13 licensing agreements in the quarter, including nine in China. Customers’ target markets for the licenses include advanced driver-assistance systems, consumer and industrial Internet of Things and wireless audio.
“We saw a strong recovery in the third quarter in shipments from our customers, including a record 98 million non-handset baseband units, of which 83 million were Bluetooth devices,” Chief Financial Officer Yaniv Arieli said. (Reporting by Tova Cohen Editing by Steven Scheer)