Why Cirrus Logic Shares Are Surging In After-Hours Trading Today

Cyrus Logic Inc cross Trading is trading higher in the after-hours session on Monday after the company reported better-than-expected financial results for the third quarter of the fiscal year and issued higher-than-expected guidance.

Cirrus Logic reported quarterly adjusted earnings of $2.54 per share, beating an estimate of $2.14. The company reported revenue of $548.35 million, beating the estimate of $510.42 million.

President and CEO of Cirrus Logic John Forsyth He attributed the company’s strong performance to significant contributions from expanding high-performance mixed-signal content shipping to smartphones, as well as strong demand for the company’s products.

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Cirrus Logic expects fiscal fourth-quarter revenue of $400 to $440 million versus estimates of $355.84 million.

“Going forward, we believe we are well positioned to further diversify our business and drive revenue growth over the long term,” Forsyth said.

Cirrus Logic is a provider of integrated circuits for audio and audio signal processing applications.

See also: Why Novavax Stocks Are Rising Today

CRUS price movement: Cirrus Logic traded as low as $71.11 and up to $99.35 over 52 weeks.

The stock closed up 4.91% at $89.44 on Monday and is up another 9.51% after hours at press time.

Photo: Tony Webster via Flickr.

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