Cirrus Logic: Fiscal 1Q Earnings Snapshot
Posted Aug 3, 2020 2:12 pm.
Last Updated Aug 3, 2020 2:14 pm.
This article is more than 5 years old.
AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Monday reported fiscal first-quarter net income of $18.2 million.
On a per-share basis, the Austin, Texas-based company said it had profit of 30 cents. Earnings, adjusted for one-time gains and costs, came to 53 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The chipmaker posted revenue of $242.6 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $225.5 million.
For the current quarter ending in October, Cirrus Logic said it expects revenue in the range of $290 million to $330 million. Analysts surveyed by Zacks had expected revenue of $307.5 million.
Cirrus Logic shares have declined 9% since the beginning of the year. In the final minutes of trading on Monday, shares hit $74.85, a rise of 31% in the last 12 months.
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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
The Associated Press
