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Cirrus Logic (NASDAQ:CRUS) experienced a remarkable ascent of more than 5% in extended-hours trading on Tuesday following its third-quarter results, which eclipsed expectations.
The company reported an adjusted earnings per share of $2.89 and a revenue of $619 million for the period ending December 30. This represents a significant increase from the $481 million in the preceding period. Notably, the gross margin stood at 51.3% during this quarter.
The consensus among analysts was expecting earnings of $2.01 on revenue of $540.06 million, making Cirrus Logic’s actual results particularly impressive.
John Forsyth, President and CEO of Cirrus Logic, expressed confidence in the company’s future, saying, “With a compelling roadmap of products and an amazing track record of execution, we believe we are well-positioned to grow long-term shareholder value.”
As for the next quarter, Cirrus Logic anticipates revenue in the range of $290 million to $350 million, with gross margins expected to be between 49% and 51%. While this forecast is slightly below the $331.9 million consensus estimate at the mid-point, the company is poised for continued growth.
The company will also conduct a conference call to discuss the results.