November 1, 2017 / 12:38 PM / a year ago

Israel's Ceva Q3 profit, revenue exceed estimates

Nov 1 (Reuters) - Israeli chip designer Ceva reported on Wednesday higher profit and revenue in the third quarter, beating analysts’ expectations, as it forged five new license agreements in China and the Asia-Pacific region.

Ceva earned 36 cents per share excluding one-time items in the quarter, compared with 24 cents a share a year earlier. Revenue in the July-October period reached $24 million.

Analysts on average expected Ceva to earn 28 cents a share on revenue of $21.6 million, according to Thomson Reuters I/B/E/S/.

“Our third quarter record revenues considerably exceeded our expectations, driven by outstanding licensing execution and unprecedented demand,” Ceva CEO Gideon Wertheizer said. “Our design wins ... set the foundations for future royalty revenue streams as our licensees ship the next wave of smart and connected devices.”

During the third quarter, Ceva shipped 250 million units and completed eight license agreements — three in the United States, two in China and three in Asia-Pacific. (Reporting by Dan Pleck; Editing by Steven Scheer)

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