Cirrus Logic, Inc.(NASDAQ:CRUS) shares are being halted in after hours as the company reported its second quarter earnings. The company posted a sharp jump in its bottom line driven by strong sales from its audio segment. Moreover, the company has projected better than estimated earnings for the third quarter.
The company now expects to generate revenue of $270 million and $300 million, crushing analysts’ target of $238 million.
In the latest quarter, the company earned $35.4 million, or 51 cents a share on revenue of $193.8 million, compared to a year ago profit of $11.2 million, or 17 cents a share. On an adjusted basis, the company earned 79 cents a share,, ahead of analysts’ target by 8 cents.
Gross margin lowered to 51.7% from 53.5%.
Drama is all over playing in Vringo, Inc.(NYSEAMEX:VRNG) as the stock has recovered almost all of its losses made earlier in the session.
At around 3 PM, the stock was down as much as 57% to low of $1.75 as reports circulate the company has run into a setback in its lawsuit against Google (GOOG) regarding the latter’s alleged infringement of fundamental patents on Internet search.
May be the sell off was partly driven by a typo on PilotOnline.com, which posted that Vringo was claiming damages of only $500,000, a figure that was changed to $500 million.
The stock closed lower by 36% to $2.56 in the regular session. However, the stock is up 34.50% in after hours session to $3.44.
Update: Here is the after hours quote: