AUSTIN, Texas (AP) — Audio chip maker Cirrus Logic Inc. said Monday that sales during the fiscal third quarter were stronger than expected, and the company also forecast a strong fourth quarter.
Its shares jumped more than 7 percent in extended trading following the announcement.
Cirrus said it expects to report about $122 million in revenue for the third quarter, which ended Dec. 31. That represents growth of about 28 percent from a year ago, when Cirrus had $95.6 million in revenue. The company said revenue from audio products totaled about $105 million, and revenue from energy products came to around $17 million.
Previously Cirrus expected to report between $102 million and $108 million in total revenue for the quarter. Analysts had forecast revenue of $105.1 million, according to FactSet.
"We are particularly pleased that the last few weeks of the quarter were much stronger than we had anticipated, indicating that demand remains robust following the holiday season," said President and CEO Jason Rhode. The company will report its full third-quarter results Jan. 26. Cirrus makes chips that control audio and power in consumer electronics, automobiles and other products.
Cirrus said that based on its business so far, it expects to report about $105 million in revenue in the fiscal fourth quarter, which ends in March. That's up 15 percent from the previous year.
Analysts are estimating $98.5 million in revenue on average.
Shares of Cirrus Logic were up $1.23 to $18.20 in aftermarket trading. They ended the regular session up 47 cents at $16.97.