Cirrus Logic Up Over 20% on Q1 Results; Guidance

Shares of Cirrus Logic

, an Apple

supplier, were among the leaders in the Nasdaq on Tuesday. The stock traded up around 23 percent for the day. In addition, volume in the name ran extremely heavy. Cirrus Logic

released its fiscal first-quarter results after the closing bell on Monday. The company reported net income of $6.9 million or $0.10 per share, compared to $9.2 million or $0.13 per share, in the year ago period. On an adjusted basis, which is comparable to Wall Street analysts' consensus, EPS was $0.22. This beat the analysts' consensus EPS estimate of $0.21. Revenues in the period were $99 million, versus $92.2 million last year. This missed Street estimates of $100.94 million. Looking ahead to the second quarter, Cirrus Logic said it expects revenues between $170-190 million. This was well above consensus revenue estimates of $129.65 million.