(Adds forecast, analysts' estimates, shares)
April 24 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)