Shares of Cirrus Logic (NASDAQ:CRUS) shot up nearly 11% to a new 52-week high late Monday when the company revealed revenue for the third quarter that blew away both Wall Street and its own expectations.
The Austin, Texas-based chipmaker reported preliminary sales up 28% year-over-year to $122 million, trumping its earlier forecast of $102 million and average analyst estimates of $105.1 million, according to a Thomson Reuters poll.
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The semiconductor company said most of the gains in revenue were due to the audio products segment, which made $105 million during the quarter.
“We are particularly pleased that the last few weeks of the quarter were much stronger than we had anticipated, indicating that demand remains robust following the holiday season,” Cirrus Logic CEO Jason Rhode said in a statement.
Research and general expenses are forecast to be about $600,000 above the upper end of its guidance, due primarily to additional product development expenses. However, the company still anticipates a gross margin of 54%.
For the current quarter ending in March, the chip manufacturer sees revenue of $105 million, which represents year-over-year growth of about 15% and is ahead of the Street’s fourth-quarter view of $89.5 million.