July 23, 2014 / 9:26 PM / in 3 years

UPDATE 1-Cirrus Logic forecasts quarterly revenue below estimates

(Adds forecast, share price)

July 23 (Reuters) - 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 closed.

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 earlier.

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

The company’s shares closed at $23.97 on the Nasdaq on Wednesday. (Reporting By Aurindom Mukherjee in Bangalore; Editing by Joyjeet Das)

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