Cirrus Logic: Fiscal Q1 Earnings Snapshot

AUSTIN, Texas (AP) — AUSTIN, Texas (AP) — Cirrus Logic Inc. (CRUS) on Thursday reported fiscal first-quarter profit of $15.6 million.

The Austin, Texas-based company said it had net income of 28 cents per share. Earnings, adjusted for one-time gains and costs, were 67 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.

The chipmaker posted revenue of $317 million in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $290.6 million.

For the current quarter ending in September, Cirrus Logic said it expects revenue in the range of $430 million to $490 million. Analysts surveyed by Zacks had expected revenue of $555.6 million.

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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