Cirrus Logic, Inc.(NASDAQ:CRUS)’s profit in the second quarter has risen more than three times thanks to a sharp rise in sales in the audio segment.
In July, the audio and energy chipmaker had said that its new products would bring in much higher revenues. The company produces audio chips for Apple’s iPads and iPhones.
The company’s net income for the quarter was $35.4 million or 51 cents a share. Last year, the company had earned $11.2 million or 17 cents a share in the same period.
Excluding onetime items like amortization and stock compensation payments, the company earned 79 cents a share, much higher than the year ago period’s 33 cents. Analysts had expected an EPS of 71 cents.
Revenue rose 91 percent to $193.8 million, well above the guidance range of $170 million and $190 million.
The company sees its third quarter revenue in the range of $270 million and $300 million. Analysts expect $238 million.
Shares of CRUS slumped 13.50% to $35.31 in the opening session.
Debt payment pulls down Sirius XM profits
Sirius XM Radio Inc(NASDAQ:SIRI)’s profits in the third quarter have fallen sharply because of payment of debt.
The net income of the largest U.S. satellite radio company fell from $104.2 million or 2 cents a share to $74.5 million or 1 cent. The New York-based Company paid off $107.1 million in debt.
Revenue rose 14 percent to $867.4 million against analyst expectations of $866.1 million. The company added 446,000 new subscribers in the quarter, the highest since the merger of Sirius and XM.
Sirius XM has stuck to its earlier revenue forecast of nearly $3.4 billion and subscriber growth of 1.8 million. It expects earnings before interest, taxes, depreciation and amortization to be $900 million.
The stock rose 5.36 percent to $2.95 in early trade.