Press release
Cirrus Logic Reports Q3 FY22 Revenue of $548.3 Million
Record Revenue Driven by High-Performance Mixed-Signal Content Gains in Smartphones AUSTIN, Texas--(BUSINESS WIRE)-- Cirrus Logic, Inc. (Nasdaq: CRUS) today
About this update from Cirrus Logic, Inc.
[{"type":"text","content":"\nRecord Revenue Driven by High-Performance Mixed-Signal Content Gains in Smartphones\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 2022, which ended Dec. 25, 2021, as well as the company’s current business outlook.\n\n“Cirrus Logic reported record revenue in the December quarter, above the top end of our guidance, driven by significant contributions from the expanded high-performance mixed-signal content shipping into smartphones and strong overall demand for our products,” said John Forsyth, Cirrus Logic president and chief executive officer. “These results reflect our continued momentum in FY22 and mark another milestone in the execution of our strategy to diversify our product and technology portfolio. Building on our success over the past few years, we are investing in additional technologies targeting new opportunities for incremental content, including the areas of sensing, power, and battery systems. Moving forward, we believe we are well-positioned to increase the diversity of our business and drive long-term revenue growth.”\n\nReported Financial Results – Third Quarter FY22\n\n\nRevenue of $548.3 million;\n\n\nGAAP gross margin of 52.8 percent and non-GAAP gross margin of 52.8 percent;\n\n\nGAAP operating expenses of $145.3 million and non-GAAP operating expenses of $115.5 million; and\n\n\nGAAP earnings per share of $2.16 and non-GAAP earnings per share of $2.54.\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 FY22\n\n\nRevenue is expected to range between $400 million and $440 million;\n\n\nGAAP gross margin is forecasted to be between 51 percent and 53 percent; and\n\n\nCombined GAAP R&D and SG&A expenses are anticipated to range between $150 million and $156 million, including approximately $19 million in stock-based compensation expense, $8 million in amortization of acquired intangibles and $3 million in acquisition-related costs.\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 conferenc...