Press release
Cirrus Logic Reports Q3 FY20 Revenue of $374.7 Million
Smartphone Volumes Drive Revenue Above Expectations AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq:CRUS) today posted on its website at
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nSmartphone Volumes Drive Revenue Above Expectations\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 third quarter fiscal year 2020, which ended Dec. 28, 2019, as well as the company’s current business outlook.\n\n\n“Cirrus Logic’s revenue for the December quarter exceeded guidance as we experienced higher-than-anticipated volumes for certain components shipping into smartphones,” said Jason Rhode, chief executive officer. “During the quarter, development activities across existing and new product categories progressed, and the company continued to execute on key strategic initiatives. With a compelling pipeline of products addressing audio, voice and other signal-processing applications, we believe Cirrus Logic is well positioned for long-term success.”\n\n\nReported Financial Results – Third Quarter FY20\n\n\n\nRevenue of $374.7 million;\n\n\nGAAP and non-GAAP gross margin are 52.7 percent and 52.8, respectively;\n\n\nGAAP operating expenses of $124.8 million and non-GAAP operating expenses of $103.2 million; and\n\n\nGAAP earnings per share of $1.13 and non-GAAP earnings per share of $1.41.\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 – Fourth Quarter FY20\n\n\n\nRevenue is expected to range between $250 million and $290 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 $115 million and $121 million, including approximately $14 million in stock-based compensation expense and $3 million in amortization of acquired intangibles;\n\n\nGAAP operating expense is expected to include a restructuring charge of approximately $22 million.\n\n\n\nCirrus Logic will host a live Q&A session at 5 p.m. EST 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 followi...