Cirrus Logic, Inc. (NASDAQ: CRUS) reported that its fiscal first-quarter profit dropped to $9.18 million, or 13 cents per share, from $17.6 million, or 25 cents per share, in the year-earlier quarter. On an ajusted basis, the company earned 24 cents per share in the latest quarter. Revenue climbed to $92.24 million from $81.92 million. Analysts, on average, expected the company to report earnings of 24 cents per share on revenue of $91.47 million.
"Q1 marks a great first quarter in what we expect to be an outstanding year for Cirrus Logic, highlighted by both year-over-year and sequential growth in our audio business," said Jason Rhode, president and chief executive officer, Cirrus Logic. "With meaningful new product introductions from multiple customers coming later this year, we believe that fiscal year 2012 will be successful both financially and strategically as new products in both our Audio and Energy product lines continue to be well received by key customers."
Looking ahead to the second quarter of fiscal 2012, the company said taht it expects revenue to range between $101 million and $105 million.
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