Cirrus Logic (NASDAQ:CRUS) tumbled more than 16% Thursday after announcing worse-than-expected second-quarter earnings and revealing an even grimmer third-quarter outlook.
The chipmaker posted net income of $30.9 million, or 42 cents a share, compared with $17.6 million, or 25 cents a share in the same quarter last year.
Excluding onetime items, earnings were 40 cents a share, just missing average analyst estimates polled by Thomson Reuters of 42 cents.
Revenue for the Austin-based company was $100.6 million, up 81% from $55.7 million in the year-earlier period, though missing the Street’s view of $101.28 million.
Earnings were driven by higher portable audio sales, energy product lines and its first production orders of its power factor correction chip, according to the company’s report.
“We are preparing for additional production ramps coming over the next several quarter,” said Cirrus CEO Jason Rhode.
While the portable audio segment has been driven by its largest customer, Apple (APPL), which accounted for 44% of the business last quarter, the rest of the business has waned under demand fluctuations.
As a reflection of the weaker-than-expected results and ailing demand, the company slashed its third-quarter revenue outlook, now anticipating a sales range of $88 million and $94 million a share.
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