Press release
Cirrus Logic Reports Q1 FY22 Revenue of $277.3 Million
Content Gains in High-Performance Mixed-Signal Expected to Fuel Strong Year-Over-Year Revenue Growth in Q2 FY22 AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nContent Gains in High-Performance Mixed-Signal Expected to Fuel Strong Year-Over-Year Revenue Growth in Q2 FY22\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 2022, which ended June 26, 2021, as well as the company’s current business outlook.\n\n“In the past quarter, Cirrus Logic accelerated both sales momentum and execution of our growth strategy. We grew revenue by 14 percent year on year, increased penetration of the Android market, began shipments with a leading laptop OEM, ramped new content in anticipation of product launches in the latter half of the year and advanced the development of a number of new components that are expected to drive future revenue growth,” said John Forsyth, Cirrus Logic president and chief executive officer. “The company’s recent investments in power-related products, including the acquisition of Lion Semiconductor, are expected to meaningfully expand our addressable market and continue the exciting progress we have been making in building new and strategic areas of our business. With a strong pipeline of audio and high-performance mixed-signal products ramping in the coming months, we are upbeat about the next several quarters and continue to anticipate accelerated revenue growth in FY22.”\n\n\nReported Financial Results – First Quarter FY22\n\n\nRevenue of $277.3 million;\n\n\nGAAP gross margin of 50.5 percent and non-GAAP gross margin of 50.6 percent;\n\n\nGAAP operating expenses of $120.8 million and non-GAAP operating expenses of $103.1 million; and\n\n\nGAAP earnings per share of $0.29 and non-GAAP earnings per share of $0.54.\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.\n\nBusiness Outlook – Second Quarter FY22\n\n\nRevenue is expected to range between $430 million and $470 million;\n\n\nGAAP gross margin is forecasted to be between 50 percent and 52 percent; and\n\n\nCombined GAAP R&D and SG&A expenses are anticipated to range between $135 million and $141 million, including approximately $17 million in stock-based compensation expense and $3 million in amortization of acquired intangibles.\n\n\nThe company has entered ...