This Beaten-Down Tech Stock Could Go Parabolic After Crushing Wall Street's Expectations

Shares of Cirrus Logic (NASDAQ: CRUS) have been zigzagging lately -- down 18% year to date, but they also rose 4.5% following the release of the company's latest results on May 3. For its fiscal 2022 fourth quarter (ended March 26), its numbers turned out to be way better than expectations.

The chipmaker is known for supplying audio codecs (used for compressing audio data) and power management chips (used by smartphone makers such as Apple). The stock's positive reaction to the latest results doesn't come across as a surprise since it was riding on some serious tailwinds going into its quarterly report.

Let's take a closer look at Cirrus' numbers and check why this semiconductor stock could soar even higher this year.

Source Fool.com