Shares of chip maker Cirrus Logic (CRUS) rose $1.38, or 8%, to $18.35 in late trading after the company this afternoon beat fiscal Q3 revenue expectations and forecast Q4 revenue ahead of analysts’ estimates.
Revenue in the three months ended in ended in December totaled $122 million, above the company’s own forecast of $102 million to $108 million, and above the Street consensus of $105 million.
CEO Jason Rhode remarked that “the last few weeks of the quarter were much stronger than we had anticipated, indicating that demand remains robust following the holiday season.”
For the current quarter, the company sees revenue of about $105 million, ahead of the average $98.5 million estimate.
The company expects to report full results on January 26, after market close.
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