Ceva Raises 2024 Guidance; Announces Expansion Of Share Repurchase Program

(RTTNews) - (Adds Outlook, share buyback)

Ceva, Inc. (CEVA) said, for the full year, the company now expects overall revenues to be higher than previous guidance, at a new range of 7%-9% growth, enabling to double non-GAAP EPS year-over-year. Also, the Ceva Board authorized the expansion of the company's share repurchase program with an additional 700,000 shares of common stock available for repurchase, bringing the total shares available for repurchase to approximately 1 million.

Q3 Results:

GAAP net loss for the third quarter was $1.3 million, compared to a GAAP net loss of $2.8 million reported for the same period in 2023. GAAP loss per share was $0.06, compared to GAAP loss per share of $0.12. Non-GAAP earnings per share increased to $0.14 from $0.02. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts' estimates typically exclude special items.

Total revenue was $27.2 million, up 13% compared to $24.1 million reported for the third quarter of 2023. Analysts on average had estimated $26.85 million in revenue.

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