The company, which develops analog and mixed-signal integrated circuits for a broad range of consumer and industrial markets, and is a supplier to Apple (AAP), forecast current quarter revenue well above analysts' estimates, helped by strong demand for its audio chips from the iPhone and iPad maker, Reuters reports.
The company had reported a higher-than-expected profit for the second quarter. Over 75% of its total revenue is from Apple.
Cirrus forecast revenue of $135 million to $155 million for the first quarter ending in June.
Analysts on average were expecting $135.5 million, according to Thomson Reuters I/B/E/S.
TheStreet Ratings team rates CIRRUS LOGIC INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CIRRUS LOGIC INC (CRUS) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and a generally disappointing performance in the stock itself."