RTTNews | Apr 30, 2021 10:39AM EDT

10:39 Friday, April 30, 2021 (RTTNews.com) - Shares of fabless semiconductor company Cirrus Logic, Inc. (CRUS) are down more than 16% Friday morning after the company's fourth-quarter earnings missed the Street view. The company also provided first-quarter revenue outlook, that fell short of analysts' estimate.

Net income in the fourth quarter increased to $25.28 million or $0.42 per share from $10.16 million or $0.17 per share in the comparable quarter last year.

Excluding items, adjusted earnings of $0.66 per share missed the average estimate of analysts polled by Thomson Reuters at $0.71 per share.

Revenue in the fourth quarter were $293.5 million, up from $279.29 million in the same quarter a year ago.

Looking forward to the first quarter, revenue is expected to range between $240 million and $280 million. The consensus estimate stands at $282.72 million.

CRUS, currently at $71.77, has traded in the range of $55.30- $103.25 in the past 52 weeks.

Read the original article on RTTNews ( https://www.rttnews.com/3190444/stock-alert-cirrus-logic-declines-16-on-earnings-outlook-below-view.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved