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Semiconductor company Cirrus Logic Inc. (NASDAQ:CRUS) after-market close today reported its first-quarter financial results, posting a decline in its profit. However, the company gave a revenue outlook for the second quarter that beat Street estimates, sending the stock sharply higher in after-hours trading.
For the first quarter, CRUS reported net income of $6.9 million, or $0.10 per share, compared to $9.2 million, or $0.13 per share reported for the same period in the previous fiscal year. CRUS’s earnings missed consensus forecast of $0.21 per share.
Revenue for the first quarter was $99 million, compared to $92.2 million reported for the same period in the previous year. First-quarter revenue also missed consensus forecast of $100.94 billion.
Despite the earnings and revenue miss, CRUS stock has surged in after-hours trading today on better-than-expected second-quarter revenue outlook.
For the second quarter, CRUS expects revenue to be between $170 million and $190 million, which is significantly above the consensus forecast of $129.65 million. Gross margin for the second quarter is expected to be between 52% and 54%.
At last check, CRUS stock was up more than 19% in after-hours trading. The stock finished more than 3% higher in regular trading.
