Cirrus 2Q sales miss Street view; shares plunge

AUSTIN, Texas (AP) — Audio chip maker Cirrus Logic Inc. said Wednesday that its fiscal second-quarter net income fell 64 percent as revenue rose slightly but the cost of sales and research and development climbed by more.

The mid-point in the company's guidance for third-quarter revenue fell short of analysts' forecasts and Cirrus Logic's shares tumbled in extended trading.

Net income for the three months to Sept. 24 came to $11.2 million, or 17 cents per share, down from $30.9 million, or 42 cents per share, a year ago.

Excluding stock-based compensation expenses and a provision for income taxes, adjusted earnings per share came to 33 cents, slightly beating the 32 …