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Jun 26, 2021
Cirrus Logic Q1 2022 Earnings Report
Cirrus Logic's revenue increased by 14% year-over-year, driven by sales momentum and execution of growth strategy.
Key Takeaways
Cirrus Logic reported Q1 FY22 revenue of $277.3 million, a 14% increase year-over-year. The company saw increased penetration of the Android market and began shipments with a leading laptop OEM. They anticipate accelerated revenue growth in FY22 with a strong pipeline of audio and high-performance mixed-signal products.
Revenue grew by 14 percent year on year.
Increased penetration of the Android market.
Began shipments with a leading laptop OEM.
Ramped new content in anticipation of product launches in the latter half of the year.
Cirrus Logic
Cirrus Logic
Forward Guidance
Revenue is expected to range between $430 million and $470 million; GAAP gross margin is forecasted to be between 50 percent and 52 percent; and Combined GAAP R&D and SG&A expenses are anticipated to range between $135 million and $141 million
Positive Outlook
- Revenue is expected to range between $430 million and $470 million
- GAAP gross margin is forecasted to be between 50 percent and 52 percent
- Combined GAAP R&D and SG&A expenses are anticipated to range between $135 million and $141 million
- Capacity Reservation and Wafer Supply Commitment Agreement with GlobalFoundries will expand ability to address unprecedented market demand
- Capacity Reservation and Wafer Supply Commitment Agreement with GlobalFoundries will provide customers with much-needed supply assurance
Challenges Ahead
- The effects of the global COVID-19 outbreak and the measures taken to limit the spread of COVID-19
- The susceptibility of the markets we address to economic downturns, including as a result of the COVID-19 outbreak and the actions taken to mitigate the spread of COVID-19
- The risks of doing business internationally, including increased import/export restrictions and controls
- Recent increased industry-wide capacity constraints that may impact our ability to meet current customer demand
- The potential for increased prices due to capacity constraints in our supply chain, which, if we are unable to increase our selling price to our customers, could result in lower revenues and margins that could adversely affect our financial results