Cirrus Logic: Fiscal 3Q Earnings Snapshot
AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Wednesday reported fiscal third-quarter earnings of $68.5 million.
The Austin, Texas-based company said it had net income of $1.13 per share. Earnings, adjusted for one-time gains and costs, came to $1.41 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
The chipmaker posted revenue of $374.7 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $345.6 million.
For the current quarter ending in March, Cirrus Logic said it expects revenue in the range of $250 million to $290 million. Analysts surveyed by Zacks had expected revenue of $240.2 million.
Cirrus Logic shares have dropped almost 1% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $81.87, more than doubling in the last 12 months.