Why Shares of Cirrus Logic Are Surging Today
Shares of Cirrus Logic (NASDAQ: CRUS) jumped on Thursday after the audio chip developer's fiscal second-quarter results beat analyst estimates by a wide margin. The stock was up 14.6% at 12:15 p.m. EDT.
Cirrus reported second-quarter revenue of $388.9 million, up 6.2% year over year and $68.5 million higher than the average analyst estimate. Growth was driven by stronger-than-expected demand for certain components. Apple, Cirrus' largest customer, accounted for 81% of total revenue.
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Source Fool.com
