Why Cirrus Logic Stock Jumped Today
Shares of Cirrus Logic (NASDAQ: CRUS) have jumped today, up by 8% as of 12:15 p.m. EDT, ahead of the company's fiscal first-quarter earnings release later today. Investors are optimistic about the results following a strong earnings release last week by Apple (NASDAQ: AAPL), Cirrus Logic's largest customer.
Cirrus Logic's audio chips are found in a wide variety of Apple products, and the Cupertino, California, tech giant last week reported a 10% jump in hardware product revenue. Apple has made up roughly 80% of Cirrus Logic's revenue in each of the past three fiscal years. Apple was the only prominent smartphone vendor to grow shipments in the second quarter, according to IDC, thanks in large part to the affordably priced iPhone SE.
Apple is Cirrus Logic's largest customer by far. Image source: Apple.
Source Fool.com
