AP NEWS

Cirrus Logic: Fiscal 2Q Earnings Snapshot

October 30, 2019 GMT

AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Wednesday reported fiscal second-quarter earnings of $76.2 million.

On a per-share basis, the Austin, Texas-based company said it had net income of $1.27. Earnings, adjusted for one-time gains and costs, were $1.55 per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.

The chipmaker posted revenue of $388.9 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $321.1 million.

For the current quarter ending in January, Cirrus Logic said it expects revenue in the range of $325 million to $365 million. Analysts surveyed by Zacks had expected revenue of $335.9 million.

Cirrus Logic shares have climbed 76% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $58.49, a climb of 55% 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