Yahoo Finance Cirrus Logic 3Q profit drops, outlook disappoints
Chipmaker Cirrus Logic reports lower 3Q profit, forecast for 4Q revenue misses Wall St. view
AUSTIN, Texas (AP) -- Cirrus Logic Inc., a supplier to Apple Inc., said on Tuesday that net income in its fiscal third quarter fell 39 percent and predicted disappointing revenue in its January-to-March quarter.
The chipmaker, whose products are used in smartphones, tablets and other devices, expects sales in the current quarter of $130 million to $150 million. Analysts predicted $173.8 million, according to a FactSet survey.
Cirrus shares fell $1.04, or 5.6 percent, to $17.70 in extended trading. They had closed down 4.5 percent to $18.74 in regular trading.
The Austin, Texas-based company's profit in the quarter that ended on Dec. 28 was $41.5 million, or 63 cents per share, from $67.9 million, or 99 cents per share, in the same months in 2012. Cirrus said that excluding items such as the expense of stock-based compensation, its per-share earnings dropped to 89 cents from $1.64. Analysts, who usually exclude such items, expected 77 cents per share.
Revenue fell 29 percent to $218.9 million, above analysts' forecast of $213.3 million.
