Northern, WI 1/31/12 (StreetBeat) -- Israeli mobile chip company Ceva Inc (Nasdaq: CEVA) beat expectations in the fourth quarter, with rising profit and record sales due to growing demand for smartphones and tablets that use its chips.Diluted earnings per share excluding one-time items reached 26 cents in the fourth quarter, up from 19 cents a year earlier. Revenue grew 22 percent to a record $16 million.
Ceva had been expected to earn 22 cents a share excluding one-off items on revenue of $14.9 million, according to Thomson Reuters I/B/E/S.
Companies such as Intel, Broadcom, Spreadtrum and ST Ericsson license Ceva's technology to build chips known as digital signal processors (DSP).
Ceva is benefiting from soaring sales of smartphones such as the Samsung Galaxy S2 and the Droid Charge, which use its technology through suppliers such as Intel and ST Ericsson.
"Ceva-powered cellular baseband processor shipments increased for the 12th consecutive quarter and continued to drive growth for us in every segment of the wireless market, from low-cost feature phones through to 4G LTE smartphones and tablets," CEO Gideon Wertheizer said.
"We also continued our strategic expansion into new markets during the quarter, with customer wins for smart TV and connectivity applications."
In 2011 Ceva's customers supplied more than 1 billion chips based on its technology, up from 613 million in 2010, he said.
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