Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of audio codec specialist Cirrus Logic
So what: Fourth-quarter revenue was $110.6 million, with non-GAAP earnings per share of $0.36, both of which were just about what the Street was looking for. Next quarter's guidance was a tad light, with revenue outlook between $96 million and $106 million, compared to the consensus estimate of $106.6 million.
Now what: The real culprit of today's jump is this sentence in the release: "Due to the timing of various product introductions later this year, the company expects to transition to a sharply higher level of revenue beginning in the September quarter." As Cirrus is the audio codec supplier for Apple
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Fool contributor Evan Niu owns shares of Apple, but he holds no other position in any company mentioned. Click here to see his holdings and a short bio. The Motley Fool owns shares of Apple and Cirrus Logic. Motley Fool newsletter services have recommended buying shares of Apple. Motley Fool newsletter services have recommended creating a bull call spread position in Apple. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.