Street Calls of the Week
AUSTIN, Texas - Cirrus Logic, Inc. (NASDAQ:CRUS) saw its stock jump 10% in after-hours trading Tuesday after the audio chip maker reported fiscal third quarter earnings and revenue that handily beat Wall Street expectations.
The company posted adjusted earnings per share of $2.51, surpassing the analyst consensus estimate of $2.03 by $0.48. Revenue came in at $555.7 million, significantly above the $521.44 million analysts were expecting.
Cirrus Logic’s strong performance was driven by higher-than-anticipated shipments into smartphones. The company experienced robust demand for its smartphone audio components, including its latest-generation custom boosted amplifier and first 22-nanometer smart codec.
"Cirrus Logic delivered revenue significantly above the top end of our guidance range in the December quarter as shipments into smartphones exceeded our expectations," said John Forsyth, President and CEO of Cirrus Logic.
The company also reported momentum in its laptop business, having been featured in Intel (NASDAQ:INTC)’s Arrow Lake reference design and begun sampling its latest amplifier and codec specifically designed for laptops.
For the fourth quarter, Cirrus Logic expects revenue between $350 million and $410 million, compared to the $379.8 million consensus estimate.
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