July 23, 2014 / 8:21 PM / 3 years ago

Cirrus Logic profit beats estimates

July 23 (Reuters) - Chipmaker Cirrus Logic Inc reported a quarterly profit above analysts’ estimates, helped by demand for its audio chips from iPhone and iPad maker Apple Inc .

Net income fell to $10.2 million, or 16 cents per share, in the first quarter 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 earlier.

Analysts on average expected an adjusted profit of 30 cents per share on revenue of $148 million, according to Thomson Reuters I/B/E/S.

Cirrus gets about three-quarters of its revenue from Apple. (Reporting By Aurindom Mukherjee in Bangalore; Editing by Joyjeet Das)

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