Zoran Corp. (Nasdaq: ZRAN) today published its financial report for the second quarter of 2009. The developer of processors for digital entertainment systems and cameras narrowed its losses for the second quarter, and gave its guidance for the third quarter, both of which beat the analysts' consensus.
Zoran posted $102.7 million revenue for the second quarter of 2009, down from $128.7 million for the corresponding quarter.
GAAP-based net loss narrowed nearly two-thirds to $13.8 million ($0.27 per share) for the second quarter from $36.6 million for the corresponding quarter. Non-GAAP net loss was $4.3 million ($0.08 per share), compared with a non-GAAP net profit of $1.5 million for the corresponding quarter. The company beat the analysts' consensus of a loss per share of $0.22 on $88.3 million revenue.
Zoran president and CEO Dr. Levy Gerzberg said, "While the global economic downturn continues to affect consumer spending, we are pleased with the 50% sequential revenue growth and better than expected results we are reporting today." He noted growing demand for digital TV and low to mid-range LCD TVs, where the company has a leading position in the supply of processors. He added, "The DVD market appears to have stabilized, and Zoran is benefitting from increasing demand for higher margin, value-added DVD products such as HDMI players and portables. While consumer spending has not yet reached previous levels, we are encouraged by these positive trends in our end markets."
Zoran predicts $105-110 million revenue for the third quarter. It expects a GAAP-based loss per share of $0.00-0.05, and a non-GAAP earnings per share of $0.01-0.05. The analysts' consensus is a loss-per share of $0.04 on $100.8 million revenue.
Zoran's share fell 2.5% yesterday to $11.18, giving a market cap of $577 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 28, 2009
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