Cirrus Logic Reports Fiscal Second Quarter Revenue of $481.1 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 second quarter fiscal year 2024, which ended September 23, 2023, as well as the company’s current business outlook.\n\n\n“Cirrus Logic delivered revenue near the top end of guidance in the September quarter,” said John Forsyth, Cirrus Logic president and chief executive officer. “We also continued our strong track record of engineering execution, ramping shipments of our new camera controller and passing key milestones in the development of the next-generation components that we expect to introduce next year. Looking forward, we remain focused on delivering innovative products that will expand our market reach and enable us to capitalize on the growth opportunities that we see ahead of us.”\n\n\nReported Financial Results – Second Quarter FY24\n\n\n\nRevenue of $481.1 million;\n\n\n\nGAAP and non-GAAP gross margin of 51.3 percent;\n\n\n\nGAAP operating expenses of $140.8 million and non-GAAP operating expenses of $114.4 million; and\n\n\n\nGAAP earnings per share of $1.34 and non-GAAP earnings per share of $1.80.\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 – Third Quarter FY24\n\n\n\nRevenue is expected to range between $510 million and $570 million;\n\n\n\nGAAP gross margin is expected to be between 49 percent and 51 percent;\n\n\n\nCombined GAAP R&D and SG&A expenses are anticipated to range between $145 million and $151 million, including approximately $23 million in stock-based compensation expense and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $120 million and $126 million; and\n\n\n\nThe December quarter will span 14 weeks instead of the typical 13 weeks as FY24 is a 53-week year.\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 ...

More updates from Cirrus Logic, Inc.