Press release
Cirrus Logic Reports Q3 FY21 Revenue of $485.8 Million
Smartphone Demand Fueled 30 Percent Year-Over-Year Revenue Growth AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq: CRUS) today posted on its
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nSmartphone Demand Fueled 30 Percent Year-Over-Year Revenue Growth\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 2021, which ended Dec. 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 December quarter, as we experienced strong demand for products shipping in recently introduced smartphones,” said John Forsyth, chief executive officer. “We are delighted with our customer engagement and design-in activity during the quarter, and remain focused on developing a roadmap of innovative products that will enable the company to capitalize on growing demand for audio and high-performance mixed-signal solutions. Given the strength of the current smartphone market cycle, and the new product introductions in the pipeline, we are excited about the outlook for the company.”\n\nReported Financial Results – Third Quarter FY21\n\n\nRevenue of $485.8 million;\n\n\nGAAP and non-GAAP gross margin of 51.8 percent;\n\n\nGAAP operating expenses of $121.8 million and non-GAAP operating expenses of $105.7 million; and\n\n\nGAAP earnings per share of $1.91 and non-GAAP earnings per share of $2.13.\n\n\n\nA reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.\n\nBusiness Outlook – Fourth Quarter FY21\n\n\nRevenue is expected to range between $280 million and $320 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 $121 million and $127 million, including approximately $15 million in stock-based compensation expense and $3 million in amortization of acquired intangibles.\n\n\nShare Repurchase Authorization \n\nThe company also announced that its Board of Directors recently authorized the repurchase of up to an additional $350 million of the company's common stock, in addition to the $55 million remaining from the Board’s previous share repurchase authorization in January 2019. The repurchases will be funded from working capital and anticipated cash from operations and may occur from time to time depending o...