Cirrus Logic, Inc.’s (NASDAQ:CRUS) fiscal first-quarter income dropped 25% as the chip maker on higher expenses but shares rallied more than 18 percent on upbeat estimates for the second quarter.
Shares of the chipmaker rose 21.50% to $36.21 in opening session, taking its total gains in 2012 to more than 90 percent.
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Robust revenues led by its audio-products segment were offset by higher costs and the company's earnings in the June quarter fell to $6.9 million or 10 cents a share from $9.2 million or 13 cents a share a year ago.
Revenues rose 7 percent to $99 million, though it was below analyst expectations of $101 million.
However its third quarter estimates set its stock on fire.
The company expects revenue for the quarter ending in September to range between $170 million and $190 million — substantially higher than the $130 million predicted by analysts polled by FactSet. That would mark a jump of 70 percent from the latest quarter.
On the other side t-shirts retailer CafePress Inc(NASDAQ:PRSS ) saw it shares getting hammered with disappointing guidance from the management for the September quarter, coming on top of June quarter revenues that fell short of street expectations.
In the three months to June the company posted revenues of $47.1 million and non-GAAP profits of 10 cents a share against forecasts of $48.7 million and 10 cents.
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Cafe Press is projecting revenue of $42.5 million to $45 million and non-GAAP profits of 5-7 cents a share for September versus market consensus of $50 million and 10 cents.
For the full year, the company sees revenue of $208 million to $217 million and non-GAAP profits of 68-77 cents a share; the Street had been expecting $229.5 million and 80 cents a share.
The stock closed down 40 percent at $8.25 in the first hour trade.