Cirrus Logic stock jumps 10% after quarterly results top views

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Shares of Cirrus Logic Inc. CRUS, +4.91% jumped more than 10% in the extended session Monday after the chip supplier reported fiscal third-quarter earnings and sales well above Wall Street expectations. Cirrus Logic said it earned $128 million, or $2.16 a share, in the quarter, compared with $114 million, or $1.91 a share, in the year-ago period. Adjusted for one-time items, the company earned $2.54 a share. Sales rose to $548.3 million from $294 million a year ago. Analysts polled by FactSet expected Cirrus Logic to report adjusted earnings of $2.14 a share on sales of $510 million. The company guided for fiscal fourth-quarter revenue between $400 million and $440 million, and GAAP gross margin between 51% and 53% in the period. Cirrus Logic shares ended the regular trading day up 4.9%.

This article was originally published by Marketwatch.com. Read the original article here.

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