Mobile technology provider ParthusCeva warned today that revenue for 2003 will fall short of projections due to a weak semiconductor market and higher-than-expected restructuring costs.
Parthus Ceva said its expects revenues of between $40 million and $46 million, representing a decline of over 30 per cent on the expected outturn for 2002.
But the company expects to achieve gross margins of 85 per cent and maintained it will be profitable next year.
The one-time restructuring charge is higher than analysts' forecasts - in the range of $5 million to $7 million, compared to earlier forecasts of $3.5 million to $5 million.
The decline in revenue in 2003 is in line with other companies in the mobile-technology market that have suffered due to the slowdown in the technology sector.