Here's How Cirrus Logic Shares Fell 11.6% in August
Shares of analog and mixed-signal semiconductor designer Cirrus Logic (NASDAQ: CRUS) fell 11.6% in August, according to data from S&P Global Market Intelligence. The month started with an 8% rise in anticipation of a strong first-quarter earnings report. The report itself was indeed fantastic, but investors were left frustrated by modest guidance for the next quarter.
Cirrus Logic's sales rose 2% year over year to $243 million, far ahead of Wall Street's $225 million consensus estimates. Earnings rose 51% to $0.53 per share, also above the Street's $0.30 target. But the midpoint of management's second-quarter revenue guidance stopped at $310 million, slightly below the then-current analyst projection of roughly $315 million. On the earnings call, CFO Thurman Case conceded that his company's largest customer has said that the next-generation iPhone is running a few weeks late, and that assumption was included in Cirrus Logic's guidance calculations.
Source Fool.com
