Cirrus Logic: Fiscal Q1 Earnings Snapshot
AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Tuesday reported fiscal first-quarter net income of $39.7 million.
On a per-share basis, the Austin, Texas-based company said it had profit of 69 cents. Earnings, adjusted for one-time gains and costs, came to $1.12 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The chipmaker posted revenue of $393.6 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $370.2 million.
For the current quarter ending in October, Cirrus Logic said it expects revenue in the range of $450 million to $490 million. Analysts surveyed by Zacks had expected revenue of $489 million.