CEVA Holdings has reduced its losses in the third quarter (Q3) to 78 million euros ($83.7 million) despite revenue falling to 1.7 billion euros.
The three month loss is down from 98 million euros despite revenue falling from two billion euros in Q3 of 2014 to 1.7 billion euros this year.
In the first nine months of 2015, revenue fell to 5.2 billion euros from 5.8 billion euros 2014. Losses in the first nine months of 2015 reduced to 182 million euros from 290 million euros in 2014.
CEVA chief executive officer, Xavier Urbain says CEVA’s new operating model continues to pay off and Q3 was robust and it continues to defend its position in a “soft market”.
Freight management revenue, which includes airfreight, saw revenue fall to 822 million euros in Q3 from 935 million euros in 2014.
In the first nine months of 2015, freight revenue fell to 2.5 billion euros from under 2.7 billion euros in 2014.