Ceva (CEVA) Blames Weak Nokia (NOK) Phone Sales for Reduced Outlook
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Price: $27.99 -0.5%
Financial Fact:
Research and development, net: 7.35M
Today's EPS Names:
BTTX, VAXX, ELYS, More
Financial Fact:
Research and development, net: 7.35M
Today's EPS Names:
BTTX, VAXX, ELYS, More
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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.
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.
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