Short Take: Cirrus Logic Q2 beats the Street

Chipmaker Cirrus Logic posted better-than-expected second-quarter earnings. Excluding a restructuring charge of $123 million, the company posted income of $1.1 million, or 2 cents a share, compared with net income of $8.9 million, or 13 cents a share, for the like quarter a year ago. Financial analysts expected the company to post a loss of 3 cents a share, according to First Call. Quarterly revenue fell to $170 million from $224 million for the like quarter a year ago.