Cirrus Logic's stock price surged 5.96% during the night session, marking a significant 24-hour gain for the semiconductor company.

The sharp increase followed the release of the company's fiscal third-quarter financial results, which significantly exceeded analyst expectations. Cirrus Logic reported adjusted earnings per share of $2.97, beating the consensus estimate of $2.44 by 21.92%. Revenue for the quarter reached $580.6 million, surpassing the estimated $533.89 million by 8.75%.

Management attributed the strong performance to stronger-than-anticipated demand for components shipping into smartphones and a favorable product mix. Additionally, the company provided fourth-quarter revenue guidance of $410 million to $470 million, which is above analyst forecasts. Cirrus Logic is also expanding its market offerings with new product families targeting prosumer and automotive markets as part of its strategy to diversify its business.