Cirrus Logic announces $20M buyback program

Chip maker Cirrus Logic Inc. on Wednesday announced a share buyback program of up to $20 million.

Cirrus Logic said the repurchases will be funded from existing cash. The transactions may occur from time to time depending on general market and economic conditions, the company said.

Cirrus Logic reported 65.3 million average diluted shares outstanding for the third quarter.

The company also reported its fiscal third-quarter profit fell 34 percent but beat analyst estimates.

The company's stock jumped 17 cents, or 6.3 percent, to $2.87 in aftermarket trading, after losing 6 cents, or 2.2 percent, to $2.70 during the regular session. The shares have traded between $2.16 and $7.63 during the past 52 weeks.