Austin-based Cirrus Logic Inc. saw its share price surge on Wednesday, a day after the chipmaker topped Wall Street expectations with its fiscal fourth quarter earnings report.
Cirrus Logic’s shares closed Wednesday up $4.20, or 12.4 percent, at $38.11. About 5.9 million Cirrus Logic shares changed hands on Wednesday, far above the usual average volume of about 1.3 million shares.
Cirrus Logic is a supplier of audio and voice chips for smartphones and other products, such as headphones. The company is headquartered in downtown Austin and employ 1,262 people worldwide, with 686 in Austin.
For its fiscal fourth quarter, the company reported net income of $14 million, or 21 cents per share. Adjusted for one-time gains and costs, net income was $24.9 million, or 38 cents per share. The results surpassed Wall Street expectations of 37 cents per share, according to a poll by Thomson Reuters.
However, the chipmaker’s shares initially slid in after-hours trading Tuesday after it gave a weaker-than-expected forecast for its current quarter — and after key customer Apple Inc. reported underwhelming results, as well.
Investors shrugged that off on Wednesday, sending Cirrus Logic’s share price near its 52-week high of $38.48.
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