Ceva: 4Q Earnings Snapshot

MOUNTAIN VIEW, Calif. (AP) _ Ceva Inc. (CEVA) on Wednesday reported fourth-quarter net income of $2.3 million.

On a per-share basis, the Mountain View, California-based company said it had net income of 10 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 23 cents per share.

The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 27 cents per share.

The chip designer posted revenue of $21.4 million in the period, also falling short of Street forecasts. Three analysts surveyed by Zacks expected $22.3 million.

For the year, the company reported profit of $574,000, or 3 cents per share. Revenue was reported as $77.9 million.

Ceva shares have risen 41 percent since the beginning of the year. The stock has declined 13 percent 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