* Third-quarter earning/share $1.64 vs estimate $1.41
* Third-quarter revenue $310 mln vs estimate $286 mln
* Expects fourth-quarter revenue $200-$220 mln vs estimate
* Shares up 1 pct post market after closing 11 pct down
By Sayantani Ghosh
Jan 24 Cirrus Logic Inc reported
quarterly results above estimates as demand for its audio chips
exceeded expectations towards the end of the quarter, and the
Apple Inc supplier said it had scored a design win at a
tier-one mobile handset maker.
Cirrus shares were up about a percent in after-hours
trading. The stock had closed down 11 percent at $26.71 in
regular trading Thursday after Apple shares slumped on
disappointing holiday-period iPhone sales.
Investors have worried that Cirrus' dependence on Apple - it
gets three-quarters of its revenue from the iPhone maker - might
hamper revenue growth, but most analysts covering the company
remained bullish on the stock.
Stifel Nicolaus's Erik Rasmussen said the negativity on both
Cirrus and Apple were overdone and there was room for Cirrus to
Revenue from the company's biggest customer increased,
Cirrus said in a letter to shareholders on Thursday.
However, the company said it was trying to diversify its
customer base and these efforts were paying off in the company's
audio product line, and it was now shipping to several mobile
phone manufacturers. ()
Cirrus said the win at the tier 1 handset maker -- which
will see its chips integrated into the design of a new mobile
device -- could be meaningful for the company, but declined to
"Obviously it is not going to completely diversify the
company overnight, but it is a good step in the right
direction," Chief Executive Jason Rhode said on a conference
call with analysts.
Net income in the third quarter rose to $67.9 million, or 99
cents per share, in the third quarter from $16.7 million, or 25
cents per share, a year earlier. Excluding items, Cirrus earned
$1.64 per share.
Revenue more than doubled to $310 million.
Analysts expected an adjusted profit of $1.41 per share, on
revenue of $286 million.
However, the company forecast fourth-quarter revenue below
It expects revenue of between $200 million and $220 million
in the period, compared with analysts' average estimates of
$234.9 million, according to Thomson Reuters I/B/E/S.