Cirrus Logic Reports Fiscal First Quarter Revenue of $374.0 Million

About this update from Cirrus Logic, Inc.

[{"type":"text","content":" AUSTIN, Texas--(BUSINESS WIRE)--\nCirrus Logic, Inc. (NASDAQ: CRUS) today posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter of fiscal year 2025, which ended June 29, 2024, as well as the company’s current business outlook.\n\n\n“Cirrus Logic delivered revenue above the top end of our guidance range in the June quarter driven by stronger-than-expected shipments into smartphones,” said John Forsyth, Cirrus Logic president and chief executive officer. “In addition to these strong results, during the quarter we began ramping production of our custom boosted amplifier and first 22-nanometer smart codec ahead of new smartphone launches that are expected later this year. We also executed against our growth strategy to drive product and end-market diversification as we saw strong design activity in laptops and introduced the latest products in a series of data converters targeting professional audio, consumer, and industrial applications. With a compelling roadmap of products and an outstanding track record of execution, we believe we are well-positioned to grow long-term shareholder value.”\n\n\nReported Financial Results – First Quarter FY25\n\n\n\nRevenue of $374.0 million;\n\n\n\nGAAP and non-GAAP gross margin of 50.5 percent and 50.6 percent;\n\n\n\nGAAP operating expenses of $142.1 million and non-GAAP operating expenses of $118.0 million; and\n\n\n\nGAAP earnings per share of $0.76 and non-GAAP earnings per share of $1.12.\n\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.\n\n\nBusiness Outlook – Second Quarter FY25\n\n\n\nRevenue is expected to range between $490 million and $550 million;\n\n\n\nGAAP gross margin is forecasted to be between 50 percent and 52 percent; and\n\n\n\nCombined GAAP R&D and SG&A expenses are anticipated to range between $149 million and $155 million, including approximately $22 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $125 million and $131 million.\n\n\n\nCirrus Logic will host a live Q&A session at 5 p.m. EDT today to discuss its financial results and business outlook. Participants may listen to the conference call on the ...

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