Cirrus Logic Reports Fiscal Third Quarter Revenue of $590.6 Million

About this update from Cirrus Logic, Inc.

[{"type":"text","content":"\nSmartphone Sales Drive Record Revenue\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 third quarter fiscal year 2023, which ended December 24, 2022, as well as the company’s current business outlook.\n\n“Cirrus Logic delivered record revenue in the December quarter, with sales driven above the high end of guidance by demand for smartphones,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter, customer engagement across our product portfolio remained strong. We taped out our next-generation 22-nanometer smart codec and we made excellent progress on numerous other audio and high-performance mixed-signal products. Going forward, we will continue to leverage our intellectual property into other applications and markets as we target opportunities for incremental content, including in the areas of sensing, charging, and power. With a solid product roadmap and a deep commitment to innovation, we believe Cirrus Logic is well-positioned to drive further growth and product diversification in the future.”\n\nReported Financial Results – Third Quarter FY23\n\n\nRevenue of $590.6 million;\n\n\nGAAP and non-GAAP gross margin of 50.2 percent and 50.3 percent;\n\n\nGAAP operating expenses of $155.3 million and non-GAAP operating expenses of $123.2 million; and\n\n\nGAAP earnings per share of $1.83 and non-GAAP earnings per share of $2.40.\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.\n\nBusiness Outlook – Fourth Quarter FY23\n\n\nRevenue is expected to range between $340 million and $400 million;\n\n\nGAAP gross margin is forecasted to be between 49 percent and 51 percent; and\n\n\nCombined GAAP R&D and SG&A expenses are anticipated to range between $153 million and $159 million, including approximately $22 million in stock-based compensation expense, $8 million in amortization of acquired intangibles, and $3 million in acquisition-related costs.\n\n\nCirrus Logic will host a live Q&A session at 6 p.m. EST 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. ...

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