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Chipmaker Cirrus forecasts weak revenue; shares slide

29
Jan
2014

(Reuters) – Cirrus Logic Inc, whose audio chips are used in Apple Inc’s iPhones and iPads, forecast current-quarter revenue that missed analysts’ average estimate, sending its shares down 5 percent after the bell. Shares of Cirrus Logic and other Apple suppliers closed lower in regular trading on Tuesday, after the world’s most valuable technology company forecast weak revenue for the current quarter. Apple accounted for 82 percent of Cirrus Logic’s revenue in fiscal 2013. Cirrus Logic forecast revenue of between $130 million and $150 million for the March quarter, lower than the $173. …

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