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ROCKVILLE, Md. (AP) _ Ceva Inc. (CEVA) on Tuesday reported a loss of $1.7 million in its first quarter.
On a per-share basis, the Rockville, Maryland-based company said it had a loss of 7 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 18 cents per share.
The results matched Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of 18 cents per share.
The chip designer posted revenue of $34.4 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $32.6 million.
Ceva shares have dropped 21% since the beginning of the year. The stock has declined 34% in the last 12 months.
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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