Cirrus Logic Inc. (CRUS), a leading provider of audio and high-performance mixed-signal integrated circuits, saw its stock plunge nearly 8% in after-hours trading on November 4th, 2024. This came despite the company reporting better-than-expected financial results for the second quarter of fiscal 2025.
For the quarter ended September 28th, 2024, Cirrus Logic posted revenue of $541.9 million, surpassing analysts' consensus estimate of $520.48 million. The company also reported adjusted earnings per share of $2.25, comfortably beating the $2.02 forecast by Wall Street.
However, what seemed to weigh on Cirrus Logic's stock was its guidance for the third quarter of fiscal 2025. The company projected revenue in the range of $480 million to $540 million, well below the consensus estimate of $589.79 million. This disappointing outlook overshadowed the company's solid second-quarter performance, causing investors to react negatively and driving the stock down in after-hours trading.
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