Forward-looking statements include financial guidance for the second quarter and full year of 2012, market data from Wireless Intelligence, Strategy Analytics, and Informa Telecom incorporated herein; optimism about our ability to expand our addressable licensing markets, strength of the 3G and LTE markets, recovery and stability of the 2G markets and our ability to capitalize on the trends; predictions that Nokia and the impact on our business as well as our projection of the number of CEVA powered devices in the future.
The risks, uncertainties and assumptions include the ability of the CEVA DSP cores and other technologies to continue to be strong growth drivers for our success in penetrating new markets and maintaining our market position in existing markets, the ability of products incorporating our technologies to achieve market acceptance, the ability of intense industry competition and consolidation, global chip market trends; the possibility that our markets for our technologies may not develop as expected or that products incorporating our technologies do not achieve market acceptance, our ability to timely and successfully develop and introduce new technologies, and general market conditions and other risks relating to our business including, but not limited to those that are described from time to time in our SEC filings. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.
With that said, I’d now like to turn the call over to Gideon.
Gideon WertheizerThank you, Richard and welcome everyone. We’re pleased with our solid start to the year, which was driven by strong licensing revenues. Total revenue for the first quarter was $15.1 million, in the high-end of our guidance range and flat compared to the first quarter of 2011. While we experience some expected toughness in the Royalty growth, which were discussed during the fourth quarter earnings call. These were partially offset by better than expected licensing revenues of $5.1 million, resulting from important agreement with key and existing – key new and existing customers.