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Cirrus Logic: Fiscal 2Q Earnings Snapshot

·1 min read

AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Monday reported fiscal second-quarter net income of $59.5 million.

On a per-share basis, the Austin, Texas-based company said it had profit of 99 cents. Earnings, adjusted for stock option expense and amortization costs, came to $1.26 per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 89 cents per share.

The chipmaker posted revenue of $347.3 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $310.5 million.

For the current quarter ending in January, Cirrus Logic said it expects revenue in the range of $440 million to $480 million. Analysts surveyed by Zacks had expected revenue of $310.5 million.

Cirrus Logic shares have dropped 19% since the beginning of the year. In the final minutes of trading on Monday, shares hit $66.51, a fall of 2% 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