Why AI Stock Ceva Was Tumbling Hard This Week
The stock of cutting-edge processing devices and software specialist Ceva (NASDAQ: CEVA) was losing its edge over the past few trading sessions. On the back of a lackluster quarterly earnings report, the stock had fallen by more than 25% week to date as of Friday before market open, according to data compiled by S&P Global Market Intelligence.Ceva's first quarter saw the company earn revenue of $24.2 million, for a 10% year-over-year increase. It benefited from the signing of 11 new licensing agreements during the period; licensing revenue rose by 32% to over $15 million. But the other component of the company's top line, royalty revenue, went in the opposite direction by slipping to $9.2 million from the year-ago tally of almost $10.7 million. Image source: Getty Images.Continue reading
The stock of cutting-edge processing devices and software specialist Ceva (NASDAQ: CEVA) was losing its edge over the past few trading sessions. On the back of a lackluster quarterly earnings report, the stock had fallen by more than 25% week to date as of Friday before market open, according to data compiled by S&P Global Market Intelligence.
Ceva's first quarter saw the company earn revenue of $24.2 million, for a 10% year-over-year increase. It benefited from the signing of 11 new licensing agreements during the period; licensing revenue rose by 32% to over $15 million. But the other component of the company's top line, royalty revenue, went in the opposite direction by slipping to $9.2 million from the year-ago tally of almost $10.7 million.
Image source: Getty Images.
