Why Cirrus Logic Stock Jumped on Tuesday
Shares of Cirrus Logic (NASDAQ: CRUS) rose as much as 12.5% on Tuesday morning, following a strong second-quarter earnings report. By 12:10 p.m. EST, the stock had cooled down to a 7.3% gain.
The audio chip expert's second-quarter sales fell 11% year over year to $347 million. Adjusted earnings took a 19% haircut, stopping at $1.26 per diluted share. Wall Street had expected much deeper dips, though. Your average analyst would have settled for earnings near $0.90 per share on revenue in the neighborhood of $311 million.
Furthermore, Cirrus' management set its third-quarter revenue guidance at roughly $460 million. Here, the analyst consensus pointed to approximately $354 million.
Source Fool.com
