Cirrus Beats Loss View on Big Revenue Drop - TheStreet

Cirrus Logic

(CRUS) - Get Report

posted a narrower-than-expected third-quarter loss, but the company's sales continued to decline in the midst of a downturn in the semiconductor sector.

The specialty chipmaker said its pro forma loss was $15.1 million, or 19 cents a share, compared with a profit of $22.4 million, or 28 cents a share, in the year-ago quarter. Wall Street had been expecting a loss of 22 cents a share, according to Thomson Financial/First Call.

Sales for the quarter fell to $76.97 million from $207.99 million a year ago.

The company also said it expects a fourth-quarter pro forma loss of 11 cents to 15 cents a share on revenue of $81 million to $83 million. Wall Street analysts were expecting a loss of 16 cents, according to Thomson Financial/First Call.

Shares of Cirrus Logic closed at $17.95 Wednesday.