**Ceva, Inc. Announces Adjusted Revenue Forecast and Share Buyback Expansion**
Ceva, Inc. (CEVA) has revised its full-year financial outlook, now projecting total revenues to exceed initial estimates with an expected increase of 7% to 9%. This growth positions the company to potentially double its non-GAAP earnings per share compared to the previous year. Additionally, Ceva's Board of Directors has approved an expansion of its share repurchase program, authorizing an additional buyback of 700,000 shares of common stock. This move increases the total number of shares available for repurchase to approximately 1 million.
**Third Quarter Results:**
For the third quarter, Ceva reported a GAAP net loss of $1.3 million, showing an improvement from the $2.8 million net loss in the same quarter of the previous year. The GAAP loss per share was $0.06, compared to $0.12 per share previously. On a non-GAAP basis, the earnings per share rose to $0.14, up from $0.02. This exceeded the average forecast of $0.10 per share expected by five analysts surveyed by Thomson Reuters, who typically exclude one-time items from their estimates.
Total revenues for the quarter reached $27.2 million, representing a 13% increase over the $24.1 million recorded in the third quarter of 2023. This figure also surpassed analysts' average projection of $26.85 million.
