(Adds forecast, share price)
July 23 Cirrus Logic Inc, a supplier of
audio chips for the iPhone, forecast current-quarter revenue
slightly below the midpoint of analysts' estimates.
The company's shares fell more than 8 percent after markets
Cirrus, which gets about three-quarters of its sales from
Apple Inc, said it expected second-quarter revenue of
between $175 million and $195 million.
Analysts on average were expecting revenue of $185.9
million, according to Thomson Reuters I/B/E/S.
The company said its forecast excluded any potential
contribution or charges related to the acquisition of Wolfson
Microelectronics Plc for 291 million pounds ($489
million), a deal it expects to close in the current quarter.
Cirrus said it expected second-quarter gross margins of 47
percent to 49 percent.
For the first quarter ended June 28, net income fell to
$10.2 million, or 16 cents per share, from $20.6 million, or 31
cents per share, a year earlier. Excluding items, Cirrus earned
$37 per share.
Revenue fell to $152.6 million from $155.1 million a year
Analysts on average had expected an adjusted profit of 30
cents per share on revenue of $148 million, according to Thomson
The company's shares closed at $23.97 on the Nasdaq on
(Reporting By Aurindom Mukherjee in Bangalore; Editing by