Why Cirrus Logic Shares Are Trading HIgher Today?

Cirrus Logic CRUS shares are trading higher after the company reported better-than-expected Q3 EPS and sales results.

Cirrus Logic reported quarterly earnings of $2.40 per share which beat the analyst consensus estimate of $1.99 by 20.6 percent. This is a 5.51 percent decrease over earnings of $2.54 per share from the same period last year.

The company reported quarterly sales of $590.58 million which beat the analyst consensus estimate of $544.60 million by 8.44 percent. This is a 7.70 percent increase over sales of $548.35 million the same period last year.

For fourth quarter FY2023, the company expects its revenue to range between $340 million and $400 million.

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world's top mobile and consumer applications.

CRUS Price Action: Cirrus Logic has a 52-week high of $95.51 and a 52-week low of $61.94.

Cirrus Logic shares are up 9% at $103.43 at time of publication, according to Benzinga Pro.