ROCKVILLE, Md. (AP) — ROCKVILLE, Md. (AP) — Ceva Inc. (CEVA) on Wednesday reported fourth-quarter net income of $3.8 million.

The Rockville, Maryland-based company said it had net income of 16 cents per share. Earnings, adjusted for one-time gains and costs, came to 10 cents per share.

The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.

The chip designer posted revenue of $24.2 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $24.3 million.

For the year, the company reported that its loss narrowed to $11.9 million, or 51 cents per share. Revenue was reported as $97.4 million.

Ceva shares have declined 11% since the beginning of the year. The stock has decreased 41% 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

For copyright information, check with the distributor of this item, STATS Perform dba Automated Insights. , source Associated Press News