CRUS - Why Cirrus Logic Stock Closed 15% Higher on Wednesday
2024-02-07 16:59:00 ET
Shares of Cirrus Logic (NASDAQ: CRUS) jumped as much as 18.6% higher on Wednesday, cooling down to a robust 14.6% gain at the end of the day. The designer of audio control and voice-processing chips reported fantastic third-quarter results that exceeded analyst expectations by a country mile.
Your average Wall Street firm would have settled for earnings of roughly $2.01 per share with revenues near $540 million. Instead, Cirrus saw sales increase 5% year over year to $620 million. On the bottom line, adjusted earnings rose by 20% to $2.89 per diluted share.
Cirrus is expanding its market reach outside the smartphone market where the company has provided the audio processors in Apple (NASDAQ: AAPL) iPhones for years. Important product wins and initial shipments for Cirrus chips in Q3 included high-end laptops and tablets, with an eye toward virtual reality (VR) headsets and other wearable computing devices in the future. For example, Cirrus chips provide the audio experience in the recently released Apple Vision Pro VR headset .
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Why Cirrus Logic Stock Closed 15% Higher on Wednesday