Stock Track | Cirrus Logic Plummets 5.15% Intraday on Weak Q4 Revenue Outlook Despite Strong Q3 Results
Stock Track
Feb 04
Cirrus Logic's stock experienced a sharp intraday decline of 5.15% on Tuesday, as investors reacted negatively to the company's forward-looking guidance.
The sell-off occurred despite the company reporting strong fiscal third-quarter results, with revenue of $580.6 million beating the Ibes estimate of $533.9 million and adjusted EPS of $2.97 surpassing the $2.44 estimate.
The primary driver for the stock's decline appears to be the company's outlook for the fourth quarter, where it projected revenue in the range of $410 million to $470 million. This guidance, while providing a midpoint of $440 million, may have fallen short of market expectations, leading to the significant price correction during the trading session.
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