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What: Shares of audio chip maker Cirrus Logic (Nasdaq: CRUS ) , currently up 12%, are relishing in the applause from Wall Street and Main Street following the company's preliminary third-quarter results.
So what: Cirrus Logic last night said it expects to report revenue of $122 million for the third quarter, a 28% jump from the year-ago period. This compares to the company's own previous guidance of $102 million to $108 million, and Wall Street's estimate of $105.1 million. But, Cirrus didn't stop there. The company also guided fourth-quarter revenue to $105 million, which would represent 15% year-over-year growth and a nice leap ahead of the current Street estimate of $98.5 million.
Now what: As long as Cirrus Logic continues to find ways to keep its products incorporated into Apple's (Nasdaq: AAPL ) new technologies, there really is no limit to its potential. Fellow Fool Eric Bleeker chose Cirrus Logic as part of our Rising Star series in November 2009, seeing the same strength from Apple's iPhone and iPad as the driving force behind the stock. Since then, the stock has returned 48%, and it shows little sign of slowing. Understand that with more than half of its revenue tied to Apple, Cirrus' stock can occasionally whipsaw wildly, but all in all, Cirrus continues to put forth a solid and continuing growth story.
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