posted a loss in the fourth quarter, reversing year-ago profits, but said its revenue was up sequentially.
The company lost $80.8 million, or 98 cents a share, in the fourth quarter, compared with profits of around $4 million, or 5 cents a share, in the year-ago quarter. Excluding charges, Cirrus lost 12 cents a share, in line with the consensus estimate of analysts polled by Thomson Financial/First Call, compared with a profit of 6 cents last year.
Revenue was $83.6 million, down from $199.7 million a year ago, but up 6% sequentially. The company has now seen three consecutive quarters of revenue growth. Analysts were expecting the company to post revenue of $82.7 million.
Cirrus said it expects 5% to 6% revenue growth in the first quarter with a pro forma loss of 6 cents to 10 cents a share. The consensus estimate is for a loss of 9 cents a share. The company said it doesn't expect to be profitable on a pro forma basis until the third quarter.
Shares of Cirrus Logic were recently up 13.9% to $12.98.