Cirrus Logic Up Nearly 14% on Earnings Beat

Cirrus Logic CRUS shares are trading up nearly 14% today after the company reported earnings yesterday. The company announced estimated net revenue based on preliminary unaudited financial results for the third fiscal quarter, which ended on Dec. 31, 2011, of approximately $122 million. Previously, the company anticipated revenue to be between $102 million and $108 million. Revenue from audio products is estimated at $105 million and revenue from energy products is expected to be approximately $17 million. The company expects gross margin to be approximately 54 percent and combined R&D and SG&A expenses are estimated to be approximately $600,000 above the upper end of guidance, due primarily to additional product development expenses.