Cirrus Logic Net Down 25 Percent, but Stock Jumps on Outlook
Cirrus Logic Inc.’s fiscal first-quarter income dropped 25 percent as the chip maker saw higher expenses mask stronger revenue, bolstered by growth in its audio products segments.
But shares jumped almost 19 percent after hours to $35.45 after the company predicted strongly upbeat fiscal third-quarter revenue and narrowly beat earnings expectations for the latest period. As of Monday’s close, the stock was already up 88 percent so far in 2012.
