CEVA plunges on Q3 earnings warning

CEVA (CEVA -15.9%) shares plunge after it issues an earnings warning for Q3. Management now expects revenue of $10M vs. prior guidance of $11.5M-$12.5M and consensus of $12.1M.

CEO Gideon Wertheizer: "Our licensing and related revenues came in lower than projected for the third quarter due mainly to not closing a significant license agreement."

Q3 opex is expected to be $600K higher than previously guided due to a delay in R&D grants in Israel, which are now expected in Q4.

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