Royalty revenue was $9.1 million which is in line with the first quarter of 2011. Yaniv, will further elaborate on our financial achievement, including our recent share buyback activities and we will also provide you with our second quarter 2012 guidance and revised annual 2012 guidance. Based on a few trends which I will elaborate on shortly, we’re taking a cautious approach at this time and revising downward our annual 2012 guidance.
During the first quarter we concluded eight new license agreements. Six of the agreements were for our CEVA DSP cores, platforms and software, and two for our SATA/SAS technologies. Geographically three of the license agreements were in the U.S., four were in Asia and one was in Europe. A new DSP agreement with both new and existing customers addressing smartphone opportunities in all of this market key growth segment, from local smart market 3G handset to the premium LTE phones.
The targeted peers of our DSP within smartphone extend beyond baseband into advanced voice and audio processing that has become distinctive and differentiating features recently. These clearly illustrate the strength of our diversified product portfolio, enabling us to generate solid licensing revenues and future royalty stream from incremental DSP socket.
On this point, I’d like to elaborate on the key dynamics for our diversified product strategy. Although the last year yields we have gradually extended our product offering and customer base, both with regard to our core cellular baseband product and new multimedia offerings, a relatively untapped segment for us. Our broad product portfolio for cellular baseband includes DSP cores suitable for every flavor of the market.Our TeakLite-III DSP is now been declared for baseband processing by all of our key customers targeting mass market 3G smartphone were cost and power consumption are the key metrics. In these respect two of the licensing agreement signed during the first quarter of 2012 were for the TeakLite-III DSP, including a multi-use agreement for high volume WCDMA and TD-SCDMA handset for emerging economy. Read the rest of this transcript for free on seekingalpha.com