Cirrus Logic Cuts Q3 Revenue Outlook, Shares Slip 6%

(RTTNews) - Shares of Cirrus Logic Inc. (CRUS) slipped 6% on Monday's extended session after the company lowered its revenue outlook for the third quarter due to "recent weaknesses in the smartphone market."

The company now expects third-quarter revenues of $300 million and $340 million, down from previous forecast of $360 million and $400 million. Analysts polled by Thomson Reuters expected revenues of $368.34 million.

The company expects gross margin is expected to be between 49 and 51% and combined R&D and SG&A expenses are expected to range between $118 million and $124 million.

CRUS closed Monday's trading at $38.67, up $1.23 or 3.29%, on the Nasdaq. The stock, however, slipped $2.32 or 6.00% in the after-hours trade.