CRUS - Why Cirrus Logic Stock Soared Today
2024-05-08 15:57:31 ET
Shares of Cirrus Logic (NASDAQ: CRUS) opened 13.4% higher on Wednesday morning following the release of impressive results for the fourth quarter of fiscal 2024. The designer of audio controllers and mixed-signal processors cooled down a bit from the early spike, and the stock was up 10.2% as of 2:30 p.m. ET.
Cirrus' fourth-quarter revenue held steady year-over-year at $372 million. Adjusted earnings rose 35% to $1.24 per share. Both results left the consensus estimates far behind; your average Wall Street analyst would have settled for earnings of roughly $0.64 per share on sales near $317 million.
Looking ahead to the first quarter of fiscal 2025, management expects sales to follow typical seasonal patterns and land at approximately $320 million. The current analyst projections call for roughly $302 million, so that's another bullish data point.
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Why Cirrus Logic Stock Soared Today