Cirrus Logic Inc (NASDAQ: CRUS) is moving lower Friday morning after the company reported worse-than-expected earnings and revenue on Thursday.
What Happened: Cirrus Logic reported earnings of 66 cents, which came in below the estimate of 71 cents, and revenue of $293.5 million was below the estimate of $302.47 million.
The company also provided first-quarter guidance of $240 million to $280 million, which was below the estimate of $282.72 million.
Related Link: Recap: Cirrus Logic Q4 Earnings
“In FY21 the company delivered solid revenue, operating profit and EPS growth, driven by both content gains and higher unit volumes,” said John Forsyth, CEO of Cirrus Logic.
Analyst Assessment: Keybanc maintained Cirrus Logic with an Overweight rating, but lowered its price target from $110 to $100.
Cirrus Logic has traded as high as $103.50 and as low as $55.30 over a 52-week period. The stock was down 12.10% at $75.80 at last check Friday.
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