Ceva jumps on improved earnings

Gideon Wertheizer picture: Tamar Matzapi

Second quarter non-GAAP earnings per share were $0.05, up 25% in comparison with the corresponding quarter of 2018.

The stock price of Israeli fabless semiconductor company Ceva (Nasdaq: CEVA) is up by more than 10% in New York after the company reported a steep rise in earnings. On a non-GAAP basis, Ceva posted a net profit of $1.2 million for the second quarter, up 42% over in the corresponding quarter of 2018. Non-GAAP earnings per share were $0.05, up 25% in comparison with the $0.04 earnings per share in the corresponding quarter.

On a GAAP basis, Ceva GAAP posted a net loss for the second quarter of $1.5 million, 28% lower than net loss of $2.1 million in the corresponding quarter. The GAAP diluted loss per share for the second quarter of 2019 was $0.07, which compares with a diluted loss per share of $0.09 in the corresponding quarter.

Total revenue for the second quarter of 2019 was $18.4 million, representing a 5% increase in comparison with the $17.5 million reported for the second quarter of 2018. Second quarter 2019 licensing and related revenue was $10.8 million, up 8% on the corresponding quarter. Royalty revenue was $7.6 million, up 2%.

Ceva CEO Gideon Wertheizer said, "We continued to expand our licensee base and diversify our revenue sources, capitalizing on our excellence in wireless connectivity and smart sensing technologies. In royalties, our handset baseband shipments showed pronounced sequential growth following a period of market softness and excess inventories. Our non-handset baseband royalties continue to show solid growth, driven by base station RAN and Bluetooth."

"Our recent acquisition of the Hillcrest Labs business and the technology investment we made in Immervision, Inc. will enable us to further expand our product offerings and customer reach."

Published by Globes, Israel business news - en.globes.co.il - on August 8, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Gideon Wertheizer picture: Tamar Matzapi
Gideon Wertheizer picture: Tamar Matzapi
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