Press release
Cirrus Logic Reports Fiscal Fourth Quarter Revenue of $372.8 Million and Full Fiscal Year 2023 Revenue of $1.90 Billion
Record Fiscal Year 2023 Revenue Driven By Higher Sales of Components Shipping in Smartphones AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (NASDAQ:
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nRecord Fiscal Year 2023 Revenue Driven By Higher Sales of Components Shipping in Smartphones\n\n\n 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 fourth quarter and full fiscal year 2023, which ended March 25, 2023, as well as the company’s current business outlook.\n\n\n“We delivered solid financial results in FY23 as higher sales of products shipping in smartphones drove seven percent year-over-year revenue growth,” said John Forsyth, Cirrus Logic president and chief executive officer. “Additionally, the company made significant progress in our strategy of driving product diversification through our high-performance mixed-signal products, with revenue derived from these solutions increasing to 38 percent of total sales. With an extensive portfolio of existing products and a pipeline of innovations in development, we look forward to capitalizing on the many opportunities ahead of us to further broaden our technology and market reach.”\n\n\nReported Financial Results – Fourth Quarter FY23\n\n\n\nRevenue of $372.8 million;\n\n\n\nGAAP and non-GAAP gross margin of 50.0 percent and 50.1 percent;\n\n\n\nGAAP operating expenses of $249.2 million and non-GAAP operating expenses of $119.8 million; and\n\n\n\nGAAP loss per share of $(0.97) and non-GAAP earnings per share of $0.92.\n\n\n\nReported Financial Results – Full Year FY23\n\n\n\nRevenue of $1.90 billion;\n\n\n\nGAAP and non-GAAP gross margin of 50.4 percent and 50.5 percent;\n\n\n\nGAAP operating expenses of $707.9 million and non-GAAP operating expenses of $486.4 million; and\n\n\n\nGAAP earnings per share of $3.09 and non-GAAP earnings per share of $6.42.\n\n\n\nGAAP operating expense for Q4 FY23 and the full fiscal year 2023 included $85.8 million in intangibles impairment and $10.6 million in lease impairments and restructuring costs.\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.\n\n\nBusiness Outlook – First Quarter FY24\n\n\n\nRevenue is expected to range between $260 million and $320 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 ra...