ROCKVILLE, Md. (AP) — ROCKVILLE, Md. (AP) — Ceva Inc. (CEVA) on Wednesday reported fourth-quarter net income of $1.9 million.
On a per-share basis, the Rockville, Maryland-based company said it had profit of 8 cents. Earnings, adjusted for one-time gains and costs, were 23 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The chip designer posted revenue of $33.4 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $32.4 million.
For the year, the company reported a loss of $23.2 million, or $1 per share, swinging to a loss in the period. Revenue was reported as $134.6 million.
Ceva shares have increased 35% since the beginning of the year. The stock has decreased slightly more than 6% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a CEVA">Zacks stock report on CEVA at https://www.zacks.com/ap/CEVA