Cirrus Logic: Fiscal 1Q Earnings Snapshot
AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Wednesday reported a fiscal first-quarter loss of $4.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Austin, Texas-based company said it had a loss of 7 cents. Earnings, adjusted for one-time gains and costs, came to 28 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 6 cents per share.
The chipmaker posted revenue of $254.5 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $231 million.
For the current quarter ending in October, Cirrus Logic said it expects revenue in the range of $310 million to $350 million. Analysts surveyed by Zacks had expected revenue of $330.3 million.
Cirrus Logic shares have decreased 17 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $43.18, a drop of 32 percent in the last 12 months.