Press release
Cirrus Logic Reports Q1 FY21 Revenue of $242.6 Million
Results Reflect Strong Demand for Products Shipping in Certain Tablets and Smartphones AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq: CRUS)
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nResults Reflect Strong Demand for Products Shipping in Certain Tablets and Smartphones \n\n AUSTIN, Texas--(BUSINESS WIRE)--\nCirrus Logic, Inc. (Nasdaq: CRUS) 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 2021, which ended June 27, 2020, as well as the company’s current business outlook.\n\n\n“We are pleased with our results in the June quarter as we experienced robust demand for certain products shipping in tablets and smartphones,” said Jason Rhode, chief executive officer. “Despite the continuing challenges and adverse economic effects associated with COVID-19, design activity and new product development efforts were encouraging during the quarter. The company remains focused on leveraging our strong customer relationships and mixed-signal processing expertise to broaden our penetration in audio, voice and other mixed-signal domains and position the company for growth in the coming years.”\n\n\nReported Financial Results – First Quarter FY21\n\n\n\nRevenue of $242.6 million;\n\n\nGAAP and non-GAAP gross margin of 52.6 percent;\n\n\nGAAP operating expenses of $108.8 million and non-GAAP operating expenses of $92.4 million;\n\n\nGAAP earnings per share of $0.30 and non-GAAP earnings per share of $0.53.\n\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.\n\n\n\n\nBusiness Outlook – Second Quarter FY21\n\n\n\nRevenue is expected to range between $290 million and $330 million;\n\n\nGAAP gross margin to be between 51 percent and 53 percent; and\n\n\nCombined GAAP R&D and SG&A expenses to range between $114 million and $120 million, including approximately $15 million in stock-based compensation expense and $3 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 hours following its completion, or by calling ...