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UPDATE 1-Israel's Ceva Q1 profit and revenue up, meets estimates

(Adds second quarter forecast)

TEL AVIV May 4 Israeli chip designer Ceva reported on Thursday a rise in profit and revenue in the first quarter, during which it completed 11 license agreements, including five in China.

Ceva earned 28 cents per share excluding one-time items in the quarter, up from 17 cents a year earlier. It reported a 29 percent rise in quarterly revenue to $21.3 million.

Analysts on average expected Ceva to earn 28 cents a share on revenue of $21 million, according to Thomson Reuters I/B/E/S/.

"Our strongest licensing quarter in the company's history helped to deliver a fifth record revenue quarter in succession," Ceva CEO Gideon Wertheizer said.

The company's customers shipped a record 352 million chips based on Ceva's technology, resulting in 50 percent royalty revenue growth.

In the second quarter Ceva forecast adjusted EPS of 26-28 cents compared with 21 cents a year earlier, on revenue of $19.1-$20.1 million, up from $17.1 million. Analysts on average forecast EPS of 23 cents and revenue of $19.4 million.

The second quarter usually sees a decline in royalty revenue due to seasonal factors, the company said. (Reporting by Tova Cohen; Editing by Steven Scheer)

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