By Sam Boughedda
Investing.com — Cirrus Logic Inc (NASDAQ:CRUS), the fabless semiconductor supplier, announced its third quarter earnings Monday after the closing bell, revealing a beat on earnings and revenue.
The Austin, Texas-based business announced earnings per share of $2.54 on revenue of $548 million. Analysts polled by Investing.com anticipated EPS of $2.14 on revenue of $510.21 million.
“Cirrus Logic reported record revenue in the December quarter, above the top end of our guidance, driven by significant contributions from the expanded high-performance mixed-signal content shipping into smartphones and strong overall demand for our products,” said John Forsyth, Cirrus Logic president and CEO.
"Building on our success over the past few years, we are investing in additional technologies targeting new opportunities for incremental content, including the areas of sensing, power, and battery systems. Moving forward, we believe we are well-positioned to increase the diversity of our business and drive long-term revenue growth,” Forsyth added.
Focusing on the near future, the company said it sees fourth quarter fiscal 2022 revenue between $400 million and $440 million, above consensus expectations of $355.8 million.
Following the report, Cirrus shares jumped more than 9.5%% after-hours, adding to the 5.2% gains during the regular session, when it closed at $89.44.