Audio and video circuitry specialist Cirrus Logic (NASDAQ:CRUS) outperformed the market last month as the stock gained 13% compared with a 4% jump in the S&P 500, according to data provided by S&P Global Market Intelligence.
The increase added to a stellar period for investors, with shares up almost 50% so far in 2019.
April's rally came as investors gained confidence in the growth prospects for Cirrus Logic, a key supplier for Apple products like the iPhone. The company largely delivered on those high expectations, saying in early May that fiscal fourth-quarter sales landed at $240 million, or just above the high end of management's guidance. Cirrus made strides toward diversifying its revenue base, too, by adding a second major customer in the period and bulking up its product line.
CEO Jason Rhode and his team predicted that sales will decline again in the fiscal first quarter following lower revenue for the full 2018 period. Yet management is optimistic about the widening sales base and the promise of new products like its haptic feedback and boosted amplifier lineups. Still, for the time being, its fortunes will likely remain heavily influenced by its relationship with Apple. That partnership is still strong today, Rhode said, with "design activity continuing on various products."