Cirrus Logic upbeat after weaker third quarter sales

Cirrus Logic, the chip designer that acquired Edinburgh-based Wolfson for almost £300 million in 2014, has seen its latest quarterly results miss expectations.

The Us-headquartered group, which specialises in multi-function audio chips for the likes of smartphones and home hi-fi equipment, reported revenue of $482.7 million (£346.9m) for its fiscal third quarter. That was down on the $523m posted a year earlier.

Wall Street analysts had been hoping for a figure of about $530m in the latest reporting period.

Jason Rhode, president and chief executive, said: “Unanticipated weakness in smartphone demand that materialised in late December drove our Q3 results below expectations and further impacted our Q4 guidance.

“Despite these near-term challenges, our design position remains strong at our top customers and our wide range of new and existing products are expected to drive exciting opportunities in audio and voice applications.”