beat Wall Street's estimates for the fiscal third quarter, but indicated that revenue will likely be flat sequentially, as the softness in the PC sector will offset the strength of the company's consumer electronics business.
The chipmaker said third-quarter income, excluding investment gains and the amortization of acquisition expenses, rose to $22.4 million, or 28 cents a diluted share, from $3.3 million, or 5 cents a share, in the year-ago period. Six analysts polled by
First Call/Thomson Financial
were calling for the company to post earnings of 26 cents a share.
Revenue rose about 38% to $208 million from $150.8 million in the same period last year.
Cirrus also said it expects revenue of $775 million to $790 million, and earnings of 90 cents to 94 cents a share, for fiscal 2001, in line with the guidance given in October. Analysts are anticipating earnings of 93 cents for the year. Cirrus said it expects fourth-quarter revenue to be sequentially flat.
Shares of Cirrus closed at $30.31 in
regular trading, but fell to $29 in recent after-hours