Why did Cirrus Logic stock go up today? Strong Q3, outlook spurs hope
- Cirrus Logic
CRUS shares gained nearly 8% on Friday after the semiconductor company reported strong third-quarter results and issued an outlook for its fiscal fourth-quarter that topped expectations. - For the period ending December 24, 2022, Cirrus Logic earned an adjusted $2.40 per share on $590.6M in revenue, topping estimates of $1.99 per share and $543.55M in revenue.
- Looking ahead to the fourth-quarter, Cirrus Logic CRUS expects revenue to be between $340M and $400M, with gross margins between 49% and 51%.
- Several investment firms praised the results, including Needham, which said the results showed "significant" upside in the company and continued strong execution in its business.
- KeyBanc Capital Markets said Cirrus Logic CRUS is likely to benefit from "incremental" content gains in Apple's
AAPL iPhone 15. Cirrus Logic CRUS gets roughly 80% of its revenue from Apple AAPL. - Earlier this week, Bank of America said it was fading the "trading bounce" on Cirrus Logic CRUS and other smartphone vendors.