Why Cirrus Logic Shares Tumbled Today
Cirrus Logic (NASDAQ: CRUS) reported fourth-quarter results on Thursday evening. The report fell short of Wall Street's estimates, sending Cirrus shares sharply lower on Friday. The stock plunged as much as 17.5% lower in the morning session.
The designer of audio controllers and mixed-signal processing chips saw fourth-quarter sales fall 5% year over year to $293.5 million. Adjusted earnings slid from $0.68 to $0.66 per diluted share. Your average analyst had been looking for earnings near $0.71 per share on revenue in the neighborhood of $302.5 million. Cirrus' management also set the midpoint of its first-quarter revenue guidance 8% below the Street's current projections.
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Source Fool.com
