Cirrus Logic Soars on Q1 Results

Cirrus Logic CRUS 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 analysts' consensus, EPS was $0.22. This beat Wall Street analysts' consensus EPS estimates 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 is well above current consensus revenue estimates of $129.65 million. During Monday's after-hours trading session, CRUS exploded up around 16% higher and traded near $34.59.