AP NEWS

Cirrus Logic: Fiscal 3Q Earnings Snapshot

January 29, 2020 GMT

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CRUS at https://www.zacks.com/ap/CRUS