Cirrus Logic Reports Fiscal First Quarter Revenue of $317.0 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 fiscal year 2024, which ended June 24, 2023, as well as the company’s current business outlook.\n\n\n“Cirrus Logic reported revenue for the June quarter towards the top end of guidance as we benefited from higher-than-expected unit volumes,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter, we taped out our next-generation boosted amplifier, completed product validation on our first 22-nanometer smart codec, and began ramping production of our latest camera controller. We also made progress on product and end-market diversification as we gained momentum in laptops and began selectively refreshing certain core product lines that are expected to drive expansion outside of smartphones.”\n\n\nReported Financial Results – First Quarter FY24\n\n\n\nRevenue of $317.0 million;\n\n\n\nGAAP and non-GAAP gross margin of 50.3 percent and 50.4 percent;\n\n\n\nGAAP operating expenses of $141.6 million and non-GAAP operating expenses of $113.8 million; and\n\n\n\nGAAP earnings per share of $0.28 and non-GAAP earnings per share of $0.67.\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 FY24\n\n\n\nRevenue is expected to range between $430 million and $490 million;\n\n\n\nGAAP gross margin is forecasted to be between 49 percent and 51 percent; and\n\n\n\nCombined GAAP R&D and SG&A expenses are anticipated to range between $141 million and $147 million, including approximately $22 million in stock-based compensation expense, $2 million in amortization of acquired intangibles, and $3 million in acquisition-related costs and restructuring charges associated with our recently announced workforce reduction.\n\n\n\nCirrus Logic will host a live Q&A session at 6 p.m. EDT today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at investor.cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion or by calling (647) 362-9199, or t...

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