Cirrus Logic posts jump in 1Q; sales more than double as companies, consumers stock up on tech

Cirrus Logic rides chip rebound to 1Q profit

AUSTIN, Texas — Cirrus Logic booked a jump in quarterly earnings Tuesday. Revenue doubled as the company rode a recovery in demand for semiconductors.

And the chip maker’s revenue forecast for the quarter ending in September surpassed expectations.

Cirrus earned $17.6 million, or 25 cents per share, in its fiscal first quarter, which ended June 26. That’s up from $221,000, or break-even on a per-share basis, a year ago.

Excluding one-time items, earnings came to 29 cents per share, edging past the average forecast from analysts of 28 cents, according to Thomson Reuters.

Revenue climbed to $81.9 million from $37.5 million, roughly in line with estimates.

Cirrus forecast revenue for its fiscal second quarter at between $98 million and $106 million. Analysts were looking for $86.2 million.

Shares of Cirrus Logic Inc. slipped 4 cents to $17.45 in morning trading amid broader market declines.