Press release
Cirrus Logic Reports Q2 FY20 Revenue of $388.9 Million
Demand for Smartphone Components Drives Revenue Above High End of Guidance AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nDemand for Smartphone Components Drives Revenue Above High End of Guidance\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 second quarter fiscal year 2020, which ended Sept. 28, 2019, as well as the company’s current business outlook.\n\n\n“Cirrus Logic reported revenue for the September quarter significantly above the high end of guidance as we experienced stronger-than-anticipated demand for certain components,” said Jason Rhode, president and chief executive officer. “The company continues to experience increased demand for products that solve complex analog and digital signal-processing challenges. Leveraging solid relationships with many of the leaders in the markets we target, a robust product portfolio and meaningful investments in innovative technologies, we are excited about our opportunities for growth in the coming years.”\n\n\nReported Financial Results – Second Quarter FY20\n\n\n\nRevenue of $388.9 million;\n\n\nGAAP and non-GAAP gross margin are 53.5 percent;\n\n\nGAAP operating expenses of $121.2 million and non-GAAP operating expenses of $101 million; and\n\n\nGAAP earnings per share of $1.27 and non-GAAP earnings per share of $1.55.\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 – Third Quarter FY20\n\n\n\nRevenue is expected to range between $325 million and $365 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 5:30 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 ...