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Ceva said on Wednesday it earned 23 cents per diluted share
excluding one-time items in the fourth quarter, compared with 25
cents a year earlier. Revenue fell 1 percent to $21.4 million.
The company, a licensor of signal processing platforms and
artificial intelligence processors, was forecast to earn 26
cents a share on revenue of $22.1 million, according to I/B/E/S
data from Refinitiv.
Ceva signed 13 licensing agreements in the quarter, including
one with a company targeting the 5G mobile market that was one
of the largest signed in Ceva's history.
"Our fourth quarter royalties came in lower than expected,
reflecting softness at a large smartphone OEM (original
equipment manufacturer), primarily due to the slowing economy in
China and lower overall demand for entry-level phones in
emerging markets," said CEO Gideon Wertheizer.
Licensing and related revenue was up 17 percent in the quarter
to $10.5 million, while royalty revenue dropped 14 percent to
$10.9 million.
The company said it bought back $3 million in stock in the
fourth quarter, bringing the total stock repurchase for 2018 to
$20 million.
(Reporting by Ari Rabinovitch; Editing by Steven Scheer)
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