Cirrus Logic Reports Q2 FY21 Revenue of $347.3 Million

About this update from Cirrus Logic, Inc.

[{"type":"text","content":"\nAnnounces CEO and Board Leadership Transition Plans \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 second quarter fiscal year 2021, which ended Sept. 26, 2020, as well as the company’s current business outlook.\n\n“Cirrus Logic delivered revenue above the high end of guidance in the September quarter. We experienced solid sales across the breadth of our product portfolio, with particularly strong demand for components shipping in smartphones,” said Jason Rhode, chief executive officer. “During the quarter, we were pleased to have expanded the number of smartphones, tablets and wearables that are utilizing our technology. The company also reached several meaningful development milestones that we believe will fuel product diversification and growth opportunities in the coming years.”\n\nThe company also announced today that the Board of Directors has appointed current President John Forsyth, 47, as president and chief executive officer effective Jan. 1, 2021, at which time Jason Rhode will transition into his new role as executive fellow. “John’s strong leadership and strategic vision make him the right choice to lead Cirrus Logic into what we believe is a very bright future,” said Jason Rhode, chief executive officer. In addition, the company announced that David Tupman will become chair of the Board of Directors, effective the same date, succeeding Al Schuele ahead of his retirement prior to the next annual meeting of stockholders.\n\n\nFor more information on the CEO and Board leadership transition plans, please visit http://investor.cirrus.com/.\n\nReported Financial Results – Second Quarter FY21\n\n\nRevenue of $347.3 million;\n\n\nGAAP and non-GAAP gross margin of 51.9 percent;\n\n\nGAAP operating expenses of $116.1 million and non-GAAP operating expenses of $97.8 million;\n\n\nGAAP earnings per share of $0.99 and non-GAAP earnings per share of $1.26.\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.\n\nBusiness Outlook – Third Quarter FY21\n\n\nRevenue is expected to range between $440 million and $480 million;\n\n\nGAAP gross margin to be between 50 percent and 52 percent; and\n\n\n...

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