Latest News by Industry
AUSTIN, Texas (AP) _ Cirrus Logic Inc. (CRUS) on Thursday reported fiscal third-quarter net income of $103.5 million.
On a per-share basis, the Austin, Texas-based company said it had profit of $1.83. Earnings, adjusted for stock option expense and amortization costs, were $2.40 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.99 per share.
The chipmaker posted revenue of $590.6 million in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $538 million.
For the current quarter ending in March, Cirrus Logic said it expects revenue in the range of $340 million to $400 million. Analysts surveyed by Zacks had expected revenue of $555.6 million.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a CRUS">Zacks stock report on CRUS at https://www.zacks.com/ap/CRUS