Press release
Cirrus Logic Reports Q1 FY20 Revenue of $238.3 Million
Revenue at the High End of Guidance Due to Demand for Handset Products AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nRevenue at the High End of Guidance Due to Demand for Handset Products\n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-performance, low-power ICs for audio, voice and other signal-processing applications, today posted on its website at http://investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter fiscal year 2020, which ended June 29, 2019, as well as the company’s current business outlook.\n\n\n“Cirrus Logic reported revenue for the June quarter at the high-end of guidance as we experienced solid demand for amplifiers and smart codecs shipping in handsets,” said Jason Rhode, president and chief executive officer. “We remain focused on product development execution, increasing penetration of new and existing customers and continuing to capitalize on demand for low-power, low-latency audio, voice and other signal-processing components, which we believe will position the company for long-term success.”\n\n\nReported Financial Results – First Quarter FY20\n\n\n\nRevenue of $238.3 million;\n\n\nGAAP and non-GAAP gross margin of 51.4 percent and 51.5 percent, respectively;\n\n\nGAAP operating expenses of $118.4 million and non-GAAP operating expenses of $99.6 million; and\n\n\nGAAP earnings per share of $0.08 and non-GAAP earnings per share of $0.35.\n\n\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 FY20\n\n\n\nRevenue is expected to range between $300 million and $340 million;\n\n\nGAAP gross margin is expected to be between 51 percent and 53 percent; and\n\n\nCombined GAAP R&D and SG&A expenses are expected to range between $118 million and $124 million, which includes approximately $13 million in stock-based compensation and $7 million in amortization of acquired intangibles.\n\n\n\nCirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website. Participants who would like to submit a question to be addressed during the call are requested to email [email protected]. A replay of the webcast can be accessed on the Cirrus Logic website approximately two...