Zoran Q1 Results, Q2 Guidance Crush Street Estimates

Zoran (ZRAN) shares are trading higher this afternoon on sharply better than expected Q1 results, and better-than-expceted guidance for Q2 . For the first quarter, Zoran posted revenue of $68.5 million. That was down from $74.7 million in Q4 and $109 million a year ago, but well above the Street consensus estimate of $52.9 million. Zoran lost 34 cents a share on a pro forma basis, not as bad as the 50-cent loss the Street had expected. Zoran reported a 39% sequential increase in revenue for components used in digital televisions, driven by increasing demand for low-end and mid-range LCD TVs. The company noted that several of its customers hae expanded their position with U.S. retailers, and said the trend should continue. In digital cameras, the company said, there was a “strong increase in demand” towards the end of the quarter, “indicating that channel inventory has been substantially reduced.” For Q2, the company sees revenue of $85 million to $90 million, with a ... (link)