Apple (NASDAQ: AAPL) supplier Cirrus Logic (NASDAQ: CRUS) started 2021 with a solid tailwind at its back thanks to the sales success of the iPhone 12, so it wasn’t surprising that the audio specialist reported impressive growth in the third quarter of fiscal 2021, which ended on Dec. 26, 2020.
The chipmaker reported nearly $486 million in revenue during the quarter, a jump of almost 30% from the prior-year period. Q3 earnings jumped from $1.13 per share a year ago to $1.91 per share. Analysts expected Cirrus to earn $1.86 per share on revenue of $460.9 million, but it blew past those expectations as hot demand for Apple’s iPhone 12 contributed to the company’s performance.
With that news, investors now have a terrific opportunity to load up on shares of Cirrus Logic, which still has a relatively attractive valuation and plenty of potential for more upside.