Ceva (CEVA) Blames Weak Nokia (NOK) Phone Sales for Reduced Outlook
Tweet Send to a FriendGet Alerts CEVA Hot Sheet
Price: $15.99 +0.06%
Revenue Growth %: -19.9%
Financial Fact:
Diluted net income per share: 0.08
Today's EPS Names:
LBIX, ESEA, ISS, More
Revenue Growth %: -19.9%
Financial Fact:
Diluted net income per share: 0.08
Today's EPS Names:
LBIX, ESEA, ISS, More
Trade CEVA Now!
Ceva, Inc. (Nasdaq: CEVA) shares are trading sharply lower Wednesday following first-quarter results and light guidance earlier.
More importantly, the company is blaming Nokia (NYSE: NOK) for many of its woes.
The company posted EPS of 24 cents and revs of $15.1 million for the period, besting views calling for EPS of 22 cents and revs of $14.86 million. Looking ahead, Ceva sees fiscal 2012 revs of $57.2 million to $61.2 million and EPS of 87 cents to 99 cents, compared with views calling for revs of $63.8 million and EPS of $1.02. Prior guidance called for revs of $62 million to $66.5 million and non-GAAP EPS of $1.02 - $1.06.
On its quarterly call, CEO Gideon Wertheizer said its prior outlook included expectations that there would be chip growth in Nokia's 2G phones as well as 3G phones. Ceva's chips were expected to replace Texas Instruments (NYSE: TXN) offerings in the devices.
With its quarterly report issued a few weeks ago, Nokia said first-quarter mobile phone sales fell 24 percent from the prior year.
Shares of Ceva are off over 15 percent Wednesday while Nokia is down about 1.5 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
More importantly, the company is blaming Nokia (NYSE: NOK) for many of its woes.
The company posted EPS of 24 cents and revs of $15.1 million for the period, besting views calling for EPS of 22 cents and revs of $14.86 million. Looking ahead, Ceva sees fiscal 2012 revs of $57.2 million to $61.2 million and EPS of 87 cents to 99 cents, compared with views calling for revs of $63.8 million and EPS of $1.02. Prior guidance called for revs of $62 million to $66.5 million and non-GAAP EPS of $1.02 - $1.06.
On its quarterly call, CEO Gideon Wertheizer said its prior outlook included expectations that there would be chip growth in Nokia's 2G phones as well as 3G phones. Ceva's chips were expected to replace Texas Instruments (NYSE: TXN) offerings in the devices.
With its quarterly report issued a few weeks ago, Nokia said first-quarter mobile phone sales fell 24 percent from the prior year.
Shares of Ceva are off over 15 percent Wednesday while Nokia is down about 1.5 percent.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Wal-mart (WMT) Posts Q1 EPS of $1.14; U.S. Comps Down 1.4%; Guides Q2 EPS
- Hollsys (HOLI) Tops Q3 EPS by 1c; Lowers FY13 Outlook
- UPDATE: Kansas City Southern (KSU) to Replace Dean Foods (DF) in S&P 500; WhiteWave Foods (WWAV) to S&P MidCap 400
Create E-mail Alert Related Categories
Corporate News, Guidance, Insiders' Blog
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
