Cirrus Logic Inc. Rises Even Further on a Big Earnings Surprise
When Apple reported fantastic earnings Wednesday night, shares of Cupertino's audio chip supplier Cirrus Logic shot 7% higher on the news of great unit sales. Now that Cirrus Logic's own fourth-quarter results are in the books, the stock climbed another 3.5% in after-hours action today.
The semiconductor designer reported non-GAAP earnings of $0.41 per share on $150 million in total revenue. $138 million of these sales came from audio products, chiefly to Apple.
Though both sales and earnings fell year-over-year, they exceeded analyst expectations by a wide margin. Cirrus' revenue forecast for the first quarter also left the current Street view far behind. Analyst estimates matched up with the lower end of management's $135 million to $155 million guidance range.
The Apple-based success notwithstanding, management chose to underscore business opportunities with less direct ties to Cupertino.
"Cirrus Logic is entering into FY15 with a robust pipeline of innovative products, a compelling roadmap pairing our best in class hardware with embedded SoundClear software and solid relationships with leading players in our target markets," said Cirrus Logic CEO Jason Rhode in a prepared statement.
"Many of our new developments are now under way in more advanced process geometries, allowing our engineers to add meaningful signal processing capabilities to our products and significantly enhance the value we add for our customers."
The article Cirrus Logic Inc. Rises Even Further on a Big Earnings Surprise originally appeared on Fool.com.Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple and Cirrus Logic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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