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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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