UPDATE: Cirrus Logic Posts Upbeat Q3 Profit, Issues Weak Q4 Revenue Forecast
Cirrus Logic (NASDAQ: CRUS) reported a rise in its fiscal third-quarter profit.
Cirrus Logic expects Q4 revenue of $200 million to $220 million, versus analysts' estimates of $235 million.
Cirrus Logic's quarterly profit surged to $67.9 million, or $0.99 per share, from $16.7 million, or $0.25 per share, in the year-ago period. Excluding one-time items, its earnings climbed to $1.64 from $0.43 per share. However, analysts were expecting earnings of $1.41 per share.
Its revenue jumped to $310.1 million, from $122.4 million. Cirrus Logic had earlier expected revenue of $270 million to $300 million.
Its gross margin declined to 51% from 54%.
Cirrus Logic shares gained 1.42% to $27.09 in after-hours trading.
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