Tessera Technologies Earnings: Here’s Why Shares are Down Now
Tessera Technologies Inc. (NASDAQ:TSRA) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 0.93%.
Tessera Technologies Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.23 in the quarter versus EPS of $0.06 in the year-earlier quarter.
Revenue: Decreased 24.13% to $46.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Tessera Technologies Inc. reported adjusted EPS loss of $0.23 per share. By that measure, the company beat the mean analyst estimate of $-0.27. It beat the average revenue estimate of $46 million.
Quoting Management: “The second quarter of 2013 was a positive one for the Company in a few areas,” stated Thomas Lacey, interim CEO of Tessera Technologies, Inc. “First, we had our first quarter of increased recurring revenue from the two SK hynix agreements announced in early January, which, as we have said, will generate significantly higher recurring revenue from SK hynix on an annual basis. Second, we received nearly $19 million of episodic revenue, which, as our stockholders know, will be put towards the special dividend we will declare in next year’s second quarter. And, we announced Samsung had licensed DOC’s Face Detection and Face Tracking software technology for use in its Samsung Galaxy S4s, the revenue impact of which we will start to see in the third quarter as we recognize royalty revenue one quarter in arrears.”
Key Stats (on next page)…