Ceva (CEVA) has reported 128.17 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $4.11 million, or $0.19 a share in the quarter, compared with $1.80 million, or $0.09 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $6.25 million, or $0.28 a share compared with $3.54 million or $0.17 a share, a year ago. 

Revenue during the quarter grew 28.95 percent to $21.29 million from $16.51 million in the previous year period. Gross margin for the quarter expanded 189 basis points over the previous year period to 92.03 percent. Total expenses were 79.58 percent of quarterly revenues, down from 88.96 percent for the same period last year. This has led to an improvement of 938 basis points in operating margin to 20.42 percent.

Operating income for the quarter was $4.35 million, compared with $1.82 million in the previous year period.

Gideon Wertheizer, chief executive officer of CEVA, stated: "Our strongest licensing quarter in the company’s history helped to deliver a fifth record revenue quarter in succession. We also significantly strengthened our backlog, reinforcing our confidence in achieving our annual licensing target. We continue to experience strong demand for our unique portfolio of specialized platforms, including 5G, computer vision deep, neural networks and connectivity, all of which are set to generate new royalty streams in the years ahead."