January 24, 2013 / 9:06 PM / 5 years ago

Cirrus Logic profit beats estimates

Jan 24 (Reuters) - Apple Inc supplier Cirrus Logic Inc reported a quarterly profit well above analysts’ estimates on strong demand for its audio chips.

Net income 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.

Analysts expected an adjusted profit of $1.41 per share, according to Thomson Reuters I/B/E/S.

Cirrus gets about three-quarters of its revenue from Apple.

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