NEW YORK (TheStreet) -- Shares of Cirrus Logic (CRUS) - Get Report were falling 5% to $30.03 on Thursday despite the semiconductor company's positive results for the second quarter of fiscal 2016.

On Wednesday, Cirrus Logic reported earnings of 65 cents a share for the fiscal second quarter, beating analysts' estimates of 59 cents a share. Revenue grew 45.9% year over year to $306.76 million for the quarter, compared to analysts' estimates of $306.58 million.

"We are pleased with our results for the September quarter as strong demand for our smart codecs and amplifiers fueled sequential and year-over-year growth," President and CEO Jason Rhode said in a statement. "FY16 has been a great year for Cirrus Logic as share gains and content increases have driven strong growth."

Looking to the fiscal third quarter Cirrus Logic said it expects revenue between $370 and $400 million, compared to analysts' estimates of $374.04 million for the quarter.

Cirrus Logic also announced that its board of directors authorized an additional $200 million for its buyback program, adding to the $32.5 million remaining from its previous authorization in November 2012.

TST Recommends

TheStreet Ratings team rates CIRRUS LOGIC INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

We rate CIRRUS LOGIC INC (CRUS) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance and increase in net income. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.

You can view the full analysis from the report here: CRUS

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