CEVA, Inc. CEVA reported a second-quarter FY23 revenue decline of 21% year-on-year to $26.17 million, missing the consensus of $30.62 million. Non-GAAP EPS of $(0.02) loss sharply missed the consensus of $0.07.
Results were dismal as CEVA's licensing business was impacted by a slowdown in the funding of semiconductor startups that limited the ability to conclude certain anticipated customer licensing agreements.
Segments: Licensing, non-recurring engineering (NRE), and related revenue decreased 24% Y/Y to $16.8 million. Royalty revenue declined by 15% Y/Y to $9.4 million.
Non-GAAP gross margin for Q2 remained flat Y/Y to 82%.
During the quarter, seventeen IP license and NRE agreements were concluded.
CEVA exited the quarter with $135.6 million in cash and equivalents.
Amir Panush, Chief Executive Officer of CEVA, stated: "We believe we are well positioned to capitalize on the insatiable demand to connect everything and deploy generative AI everywhere with our unrivaled portfolio of wireless connectivity and sensing AI technologies."
Price Action: CEVA shares traded lower by 14.5% at $21.47 on the last check Wednesday.
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