Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) jumped over 15% in early Wednesday trading after the company reported record earnings per share and revenue in its third quarter.
The semiconductor company posted Q3 EPS of $2.89, $0.88 better than the analyst estimate of $2.01, while revenue for the quarter came in at $619 million versus the consensus estimate of $540.07 million.
“In addition to our outstanding financial results, we achieved key milestones in the production of our next-generation audio components while also making exciting advances in our process technology and foundry strategy," said John Forsyth, Cirrus Logic president and chief executive officer.
The company noted that customer engagement with its laptop solutions was strong, while it also made excellent progress on several R&D programs in its high-performance mixed-signal business.
"With a compelling roadmap of products and an amazing track record of execution, we believe we are well-positioned to grow long-term shareholder value," added Forsyth.
Looking ahead, Cirrus sees Q4 2024 revenue from $290 million to $350 million, versus the consensus of $332 million.
Reacting to the report, analysts at KeyBanc said CRUS posted "strong F3Q (Dec) results, which meaningfully beat expectations and guided F4Q (Mar) slightly below consensus."
"Upside was driven by strong iPhone demand, which saw strength throughout the quarter, as well as an extra week," the analysts added. "We view CRUS results as consistent with AAPL's iPhone revs/guidance, which reflect pull-ins of iPhone units into F3Q."