Source: Cirrus Logic.

Cirrus Logic (NASDAQ:CRUS), which designs semiconductors for digital and analog signal processing, just reported results for the first quarter of fiscal year 2015. In after-hours trading, Cirrus shares fell as much as 7.6% on the news. Heading into this report, Cirrus shares had gained a market-beating 25% over the previous three months.

First-quarter sales fell 1.6% year-over-year to $152.6 million. Adjusted earnings plunged by 34%, landing at $0.37 per diluted share. The non-GAAP earnings exclude a $0.04 charge per share related to the pending acquisition of audio processor rival Wolfson Electronics.

Analysts were looking for earnings of $0.30 per share on $148 million in sales. Cirrus exceeded both of these consensus estimates.

Looking ahead, Cirrus expects revenue of roughly $185 million in the second quarter. That figure is in line with analyst projections. Gross margins and operating expenses are expected to stay relatively flat compared to the first quarter.

Doing the math on this guidance, Cirrus implies roughly $0.29 of GAAP earnings per share, or something like $0.50 per share in non-GAAP terms. Analysts are currently projecting adjusted earnings around $0.54 per share in this period.

"We are pleased with our Q1 financial results as we experienced strong demand for our custom and general market portable audio products across our customer base," said Cirrus CEO Jason Rhode in a prepared statement. "With a robust pipeline of innovative products and the pending acquisition of Wolfson, we are strengthening the company's position as a market leader in audio with a comprehensive product portfolio, differentiated software capabilities and a top-tier customer base."

Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Apple and owns shares of Apple and Cirrus Logic. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.