Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of CEVA (NASDAQ:CEVA) have lost over 14% today after the mobile chip designer met expectations on the top and bottom line, but offered weak guidance for the in-progress first quarter.

So what: The company reported revenue of $13 million and adjusted EPS of $0.19 for the fourth quarter. Both of these results were in line with what analysts had sought. However, CEVA offered guidance for the first quarter of $12 million to $13 million in revenue and between $0.13 and $0.15 in adjusted EPS. Both were well below what analysts sought -- the consensus had been $14 million in revenue and $0.22 in adjusted EPS.

Now what: CEO Gideon Wertheizer claimed that 2012 was a challenging year, but it appears that 2013 may be more challenging for CEVA. The company is having a difficult time coping with mobile chip price declines, and it's also suffering from the sales trough that the console gaming industry has tripped into in advance of next-gen releases planned for later this year. The company expects royalty growth in the second half of 2013, and its shares may rebound by that point, but I would adopt a cautious attitude for the time being and take this weakness as an opportunity for further research if you're considering buying in.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more news and insights. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.