NEW YORK (TheStreet) -- Shares of Cirrus Logic (CRUS) - Get Report were climbing 6.2% to $55 in after-hours trading on Thursday after the semiconductor supplier posted results that topped analysts' estimates for the fiscal 2017 second quarter.
Following the market close, the Austin, TX-based company reported adjusted earnings of $1.35 per diluted share, surpassing Wall Street's projections of $1.05 per share.
Revenue of $428.6 million exceeded analysts' expectations of $396.9 million, according to FactSet.
For the fiscal third quarter, Cirrus anticipates revenue between $475 million and $515 million, higher than Wall Street's forecasts of $441 million.
"Robust demand for portable audio products drove Cirrus Logic's revenue above the high end of guidance," CEO Jason Rhode said in a statement.
About 1.76 million Cirrus shares traded today vs. its 30-day average of 1.41 million shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: CRUS