ROCKVILLE, Md. (AP) — ROCKVILLE, Md. (AP) — Ceva Inc. (CEVA) on Thursday reported a loss of $5.4 million in its first quarter.
On a per-share basis, the Rockville, Maryland-based company said it had a loss of 23 cents. Losses, adjusted for stock option expense and costs related to mergers and acquisitions, were 5 cents per share.
The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The chip designer posted revenue of $22.1 million in the period, which also did not meet Street forecasts. Three analysts surveyed by Zacks expected $23.1 million.
Ceva shares have fallen almost 7% since the beginning of the year. The stock has dropped 17% 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 Zacks stock report on CEVA at https://www.zacks.com/ap/CEVA
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