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Jun 24, 2023
Cirrus Logic Q1 2024 Earnings Report
Cirrus Logic reported Q1 2024 earnings, benefiting from higher-than-expected unit volumes and making progress on product diversification.
Key Takeaways
Cirrus Logic's Q1 2024 revenue reached $317.0 million, towards the top end of guidance, driven by higher-than-expected unit volumes. The company achieved GAAP earnings per share of $0.28 and non-GAAP earnings per share of $0.67.
Revenue for the June quarter was reported at $317.0 million.
GAAP gross margin was 50.3 percent, and non-GAAP gross margin was 50.4 percent.
GAAP operating expenses totaled $141.6 million, while non-GAAP operating expenses were $113.8 million.
GAAP earnings per share were $0.28, and non-GAAP earnings per share were $0.67.
Cirrus Logic
Cirrus Logic
Forward Guidance
For the second quarter of fiscal year 2024, Cirrus Logic expects revenue to range between $430 million and $490 million, GAAP gross margin to be between 49 percent and 51 percent, and combined GAAP R&D and SG&A expenses to range between $141 million and $147 million.