(RTTNews) - Cirrus Logic Inc. (CRUS) is dropping sharply during after-hours trading on Wednesday following news that the company cut it guidance. At 4:39 pm ET the stock is trading at $3.80 down $0.43 from Wednesday's close.
With the decline, the stock stands to open at its lowest level in over a week.
The company announced that it has lowered its revenue outlook for the third quarter. The company now expects third quarter revenue to range from $42 million - $45 million, down 8% to 14% from the previous year. Six analysts polled by First Call/Thomson Financial currently expect the company to report earnings of $0.12 per share for the quarter.
Cirrus anticipates gross margin to be between 54% and 56% and combined R&D and SG&A expenses is expected to range between $22 million and $24 million, which include approximately $2 million in share-based compensation and amortization of acquisition-related intangibles expenses.
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