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Jun 25, 2022
Cirrus Logic Q1 2023 Earnings Report
Cirrus Logic delivered record revenue due to component shipments into smartphones exceeding expectations and strong demand for flagship devices.
Key Takeaways
Cirrus Logic reported record revenue for the June quarter, driven by component shipments into smartphones exceeding expectations and continued strong demand for flagship devices. The company announced a $500 million share repurchase program.
Record revenue was delivered for the June quarter.
Component shipments into smartphones exceeded expectations.
Strong demand was experienced for flagship devices.
A $500 million share repurchase program was announced.
Forward Guidance
Revenue is expected to range between $450 million and $490 million. GAAP gross margin is forecasted to be between 49 percent and 51 percent. Combined GAAP R&D and SG&A expenses are anticipated to range between $154 million and $160 million, including approximately $20 million in stock-based compensation expense, $8 million in amortization of acquired intangibles, and $3 million in acquisition-related costs.
Positive Outlook
- Revenue is expected to range between $450 million and $490 million.
- GAAP gross margin is forecasted to be between 49 percent and 51 percent.
Challenges Ahead
- Combined GAAP R&D and SG&A expenses are anticipated to range between $154 million and $160 million.
- Includes approximately $20 million in stock-based compensation expense.
- Includes $8 million in amortization of acquired intangibles.
- Includes $3 million in acquisition-related costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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