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Cirrus Logic CRUS +23.22% bullish growth targets for the back half of the calendar year sent shares soaring Tuesday and heightened anticipation for new devices from major customer Apple. The company, which makes audio and energy chips for smartphones and other devices, late Monday said its revenue should soar about 70% to 90% sequentially in the current period and again grow significantly in the December quarter. The company, whose guidance was much better than analysts anticipated, is benefiting in particular from its position as a major audio chip supplier to Apple.
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