How Cirrus Logic Stock Gained 13.7% Last Month
Shares of Cirrus Logic (NASDAQ: CRUS) rose 13.7% in February 2023, according to data from S&P Global Market Intelligence. The gains hinged on a strong third-quarter earnings report, which also inspired a plethora of bullish analyst notes.
The designer of audio processors and other mixed-signal microchips saw third-quarter sales rise 8% year over year, landing at $591 million. Adjusted earnings decreased from $2.54 to $2.40 per diluted share. The average Wall Street analyst would have settled for earnings of roughly $1.99 per share on revenue near $545 million.
Cirrus CEO John Forsyth noted that solid demand for smartphones in the holiday period lifted his company's business above the high end of guidance. More specifically, Cirrus shipped record unit volumes to its largest customer, Apple. Apple's line of iPhone devices, equipped with Cirrus audio chips, played catch-up after a couple of quarters with slower sales due to supply chain issues.
Source Fool.com
