Shares of Cirrus Logic (NASDAQ: CRUS) have shot up an impressive 25% in the past month amid the broader rally in technology stocks, and this rally isn't surprising considering the terrific fiscal 2023 first-quarter results (for the three months ended June 25, 2022) that were released on Aug. 2.
The company, which counts Apple (NASDAQ: AAPL) as its largest customer with 79% of the total revenue last quarter, crushed Wall Street's expectations. Even better, its outlook indicates that the demand for its chips, which power key Apple products such as iPhones and iPads, remains healthy.
Let's see what's working for Cirrus Logic and check why this tech stock remains an attractive bet despite rallying over the past month.
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