Cirrus Logic (NASDAQ:CRUS) news for Tuesday from its earnings report for its fiscal second quarter of 2021 have CRUS stock on the rise. That comes after reporting adjusted earnings per share of $1.26 on revenue of $347.33 million. These are both better than Wall Street’s estimates of 90 cents per share and revenue of $310.2 million.
Here’s what investors need to know about the most recent Cirrus Logic earnings news.
- Adjusted per-share earnings are down 18.7% from the $1.55 reported during the same time last year.
- Revenue for the quarter is sitting 10.7% lower than the $388.91 million reported in fiscal Q2 2019.
- Operating income of $64.15 million is a 26% drop year-over-year from $86.68 million.
- The Cirrus Logic earnings report also has net income coming in at $59.49 million.
- That’s a 21.9% decrease compared to its net income of $76.21 million from the same period of the year prior.
- The company also announced that current president John Forsyth will take over as its next CEO starting Jan. 1, 2021.
Jason Rhode, CEO of Cirrus Logic, said the following about the earnings news.
“Cirrus Logic delivered revenue above the high end of guidance in the September quarter. We experienced solid sales across the breadth of our product portfolio, with particularly strong demand for components shipping in smartphones.”
Cirrus Logic also includes guidance for fiscal Q3 2021 in its earnings report. The company expects revenue for the quarter to range from $440 million and $480 million. For comparison, Wall Street is looking for revenue of $354.42 million during the period.
CRUS stock was up 6.7% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.