Why did Cirrus Logic stock go up today? Strong Q3, outlook spurs hope
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Cirrus Logic (NASDAQ:CRUS) shares gained nearly 8% on Friday after the semiconductor company reported strong third-quarter results and issued an outlook for its fiscal fourth-quarter that topped expectations.
For the period ending December 24, 2022, Cirrus Logic earned an adjusted $2.40 per share on $590.6M in revenue, topping estimates of $1.99 per share and $543.55M in revenue.

Looking ahead to the fourth-quarter, Cirrus Logic (CRUS) expects revenue to be between $340M and $400M, with gross margins between 49% and 51%.
Several investment firms praised the results, including Needham, which said the results showed "significant" upside in the company and continued strong execution in its business.
KeyBanc Capital Markets said Cirrus Logic (CRUS) is likely to benefit from "incremental" content gains in Apple's (AAPL) iPhone 15. Cirrus Logic (CRUS) gets roughly 80% of its revenue from Apple (AAPL).
Earlier this week, Bank of America said it was fading the "trading bounce" on Cirrus Logic (CRUS) and other smartphone vendors.