Why Cirrus Logic Shares Are Surging In After-Hours Trading Today

Cirrus Logic Inc CRUS is trading higher in Monday's after-hours session after the company announced better-than-expected fiscal third-quarter financial results and issued guidance above estimates. 

Cirrus Logic reported quarterly adjusted earnings of $2.54 per share, which beat the $2.14 estimate. The company reported revenue of $548.35 million, which beat the estimate of $510.42 million. 

Cirrus Logic president and CEO John Forsyth attributed the company's strong performance to significant contributions from the expanded high-performance mixed-signal content shipping into smartphones, as well as strong demand for the company's products.

Cirrus Logic expects fiscal fourth-quarter revenue of $400 to $440 million versus the estimate of $355.84 million.

"Moving forward, we believe we are well-positioned to increase the diversity of our business and drive long-term revenue growth," Forsyth said.

Cirrus Logic is a provider of integrated circuits for audio and voice signal processing applications.

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CRUS Price Action: Cirrus Logic has traded as low as $71.11 and as high as $99.35 over a 52-week period.

The stock closed up 4.91% at $89.44 Monday and was up another 9.51% in after hours at publication time.

Photo: Tony Webster from Flickr.