AUSTIN, Texas - Cirrus Logic, Inc. (NASDAQ:CRUS) saw its shares jump 10% in after-hours trading on Tuesday after the audio chip maker reported fiscal first quarter results that beat expectations and provided strong guidance.
The company posted adjusted earnings per share of $1.12 for the quarter ended June 29, significantly surpassing the analyst consensus estimate of $0.61. Revenue came in at $374 million, well above Wall Street's forecast of $318.41 million and up 18% YoY.
Cirrus Logic attributed the better-than-expected performance to "stronger-than-expected shipments into smartphones" during the quarter. The company also began ramping production of new custom amplifier and codec chips ahead of upcoming smartphone launches.
Looking ahead, Cirrus Logic provided an upbeat outlook for the current quarter. The company expects Q2 revenue in the range of $490 million to $550 million, exceeding analyst estimates of $485.3 million at the midpoint.
"With a compelling roadmap of products and an outstanding track record of execution, we believe we are well-positioned to grow long-term shareholder value," said CEO John Forsyth in a statement.
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