UPDATE 1-Apple supplier Cirrus Logic forecasts strong revenue
(Adds forecast, analysts' estimates, shares)
April 24 (Reuters) - Cirrus Logic Inc, a supplier to Apple Inc, forecast current-quarter revenue well above analysts' estimates, helped by strong demand for its audio chips from the iPhone and iPad maker, sending its shares up 4 percent after the bell.
Cirrus, which also reported a higher-than-expected profit for the second quarter, gets more than three-quarters of its total revenue from Apple.
The handset maker on Wednesday beat Wall Street estimates on its iPhone sales in the quarter ended March. Apple reported sales of 43.7 million iPhones, far outpacing the roughly 38 million that analysts had predicted.
Cirrus forecast revenue of $135 million-$155 million for the first quarter ending June.
Analysts on average were expecting $135.5 million, according to Thomson Reuters I/B/E/S.
Cirrus said it expected first-quarter gross margins to be 47-49 percent. The company's gross margins were 49 percent in the fourth quarter ended March 29.
Cirrus's net income fell to $12.6 million, or 20 cents per share, in the fourth quarter from $26.4 million, or 39 cents per share, a year earlier.
Excluding items, the company earned 41 cents per share.
Revenue fell 27.6 percent to $149.7 million.
Analysts had expected a profit of 32 cents per share on revenue of $143 million, according to Thomson Reuters I/B/E/S.
Cirrus shares closed at $20.63 on the Nasdaq on Thursday. (Reporting by Aurindom Mukherjee and Lehar Maan in Bangalore; Editing by Kirti Pandey)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video