- CEVA Inc CEVA reported first-quarter FY21 revenue growth of 8% year-on-year to $25.4 million, beating the analyst consensus of $24.01 million. A 56% growth in royalties from base station & IoT product category drove the growth, CFO Yaniv Arieli said.
- Licensing and related revenue declined 1% Y/Y to $14.4 million, while Royalty revenue rose 21% Y/Y to $11 million.
- Eleven license agreements were completed in Q1, with two agreements out of the eleven were with first-time customers.
- Ten of the agreements were inked in China, and one was elsewhere in the Asia-Pacific region.
- The Q1 results reflect a strong start for the year, with outstanding execution in licensing and royalty revenues exceeding expectations, CEO Gideon Wertheizer said. The wireless connectivity technologies noted exceptional demand, from Bluetooth 5 and Wi-Fi 6, and new IoT use cases based on the 5G RedCap standard and UWB, Wertheizer added.
- Non-GAAP net income declined 88.5% Y/Y to $0.3 million with adjusted EPS of $0.01, missing the analyst consensus of $0.06.
- CEVA held $174 million in cash and equivalents.
- Price action: CEVA shares fell 7.96% at $48.01 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in