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Apple supplier Cirrus Logic's quarterly results beat estimates
April 24, 2014 / 8:16 PM / 3 years ago

Apple supplier Cirrus Logic's quarterly results beat estimates

April 24 (Reuters) - Cirrus Logic Inc, a supplier to Apple Inc, reported better-than-expected quarterly results, helped by strong demand for its audio chips from the iPhone and iPad maker.

Cirrus gets three-quarters of its revenue from Apple, which on Wednesday beat Wall Street estimates on its iPhone sales in the quarter ended March.

Cirrus’s net income fell to $12.6 million, or 20 cents per share, in the fourth quarter ended March 29 from $26.4 million, or 39 cents per share, a year earlier.

Excluding items, Cirrus 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. (Reporting by Aurindom Mukherjee in Bangalore; Editing by Kirti Pandey)

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