CEVA, Inc (NASDAQ:CEVA) reported a fourth-quarter FY23 revenue decline of 20% year-on-year to $24.16 million, missing the consensus of $24.32 million.

Adjusted EPS of $0.10 beat the consensus of $0.06.

Segments: Licensing, non-recurring engineering (NRE), and related revenue decreased 39.2% Y/Y to $11.8 million. Royalty revenue climbed by 13% Y/Y to $12.35 million.

The adjusted gross margin improved by 200 bps to 92%.

During the quarter, the company concluded seventeen IP license and NRE agreements. It inked two deals with OEMs and three with first-time customers.

CEVA exited the quarter with $166.54 million in cash and equivalents.

Amir Panush, Chief Executive Officer of Ceva, commented: "Our fourth quarter revenues were in line with our expectations, despite the challenges in the markets we served."

How To Buy CEVA Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in CEVA's case, it is in the Information Technology sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Price Action: CEVA shares are trading higher by 18.60% at $23.95 on the last check Wednesday.