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Why Shares of Cirrus Logic Surged Today

TheMotleyFool

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Why Shares of Cirrus Logic Surged TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Midday, harsh overhead sunlight, directional sunlightt, photo by Art Wolfe: https://img.theapi.app/temp/bee95973-d201-429b-849e-52867059bd1a.png

Shares of Cirrus Logic (NASDAQ: CRUS) jumped Thursday after the audio chip developer reported its fiscal first-quarter 2020 results. While revenue declined, much like it did during the previous quarter, the company beat analyst estimates across the board, and it provided better-than-expected guidance. The stock was up about 20.3% at 12:20 p.m. EDT.

Cirrus Logic reported first-quarter revenue of $238.3 million, down 6.4% year over year but $17.2 million above the average analyst estimate. The company saw strong demand for its amplifiers and smart codecs shipping in handsets, which drove revenue to the high end of its guidance range.

Image source: Getty Images.

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