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.
See Also: Why Novavax Shares Are Rising Today
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
