Cirrus Logic says 4th-quarter revenue topped expectations; shares climb premarket

Cirrus Logic says 4Q revenue topped expectations

AUSTIN — Cirrus Logic Inc. said Wednesday that preliminary results show its fiscal fourth-quarter revenue came in higher than expected, jumping 87 percent.

The company’s stock rose 29 cents, or 3 percent, to $9.66 in morning trading.

The chip maker posted revenue of $62.6 million for the quarter ended in March, nearly double the $33.5 million it reported in the year-earlier quarter. That compares with a previous company estimate of $55 million to $59 million.

Analysts polled by Thomson Reuters have expected $56.8 million in revenue, on average.

Cirrus CEO Jason Rhode said in a statement that the growth “sets the stage for what we expect will be another strong year.”