Zoran Corp Earnings Cheat Sheet: Loss Widens, Still Tops Estimates
Zoran Corporation (NASDAQ:ZRAN) reported its results for the second quarter. Zoran Corporation is a provider of digital solutions in the digital entertainment and digital imaging market.
Zoran Earnings Cheat Sheet for the Second Quarter
Results: Loss widened to $25.5 million (51 cents per diluted share) from $6.7 million (loss of 13 cents per share) in the same quarter a year earlier.
Revenue: Fell 11.3% to $82.9 million from the year earlier quarter.
Actual vs. Wall St. Expectations: ZRAN reported an adjusted net loss of 36 cents per share. By that measure, the company beat the mean analyst estimate of a loss of 50 cents per share. Analysts were expecting revenue of $82.6 million.
Quoting Management: “We are pleased with the improving performance we are seeing in our core markets and remain confident that the pending combination with CSR will enhance and accelerate design-win activity of our proprietary technologies and market leading products,” said Dr.Levy Gerzberg, president and chief executive officer of Zoran.”The highly competitive and rapidly changing consumer electronics markets continue to require feature-rich capabilities while reducing the silicon footprint. Joining forces with CSR will enable Zoran to effectively meet this demand and leverage scale and complementary capabilities between the two companies. We continue to believe this merger is in the best interests of Zoran’s shareholders, customers and employees.”
Revenue has fallen in the past four quarters. Revenue declined 6.1% to $84.9 million in the first quarter. The figure fell 20.5% in the fourth quarter of the last fiscal year from the year earlier and dropped 14% in the third quarter of the last fiscal year from the year-ago quarter.
The company topped expectations last quarter after falling short of forecasts in the first quarter with a loss of 51 cents versus a mean estimate of a loss of 46 cents per share.
Competitors to Watch: Trident Microsystems, Inc. (NASDAQ:TRID), Broadcom Corporation (NASDAQ:BRCM), Pixelworks, Inc. (NASDAQ:PXLW), Texas Instruments Inc. (NYSE:TXN), Entropic Communications, Inc. (NASDAQ:ENTR), NVIDIA Corporation (NASDAQ:NVDA), Silicon Image, Inc. (NASDAQ:SIMG), ON Semiconductor Corp. (NASDAQ:ONNN), MaxLinear, Inc. (NYSE:MXL), and LOGIC Devices Incorporated (NASDAQ:LOGC).
(Source: Xignite Financials)