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Sep 24, 2022
Cirrus Logic Q2 2023 Earnings Report
Cirrus Logic reported record Q2 revenue and EPS driven by strong demand for smartphones.
Key Takeaways
Cirrus Logic reported Q2 revenue of $540.6 million, marking the fifth consecutive quarter with a revenue record for the corresponding fiscal period. Results were well above the top end of guidance due to higher unit volumes and high-performance mixed-signal content gains in smartphones.
Q2 revenue was $540.6 million.
GAAP and non-GAAP gross margin was 50.2 percent.
GAAP earnings per share was $1.52 and non-GAAP earnings per share was $1.99.
Excellent progress was made in audio product lines and in the strategy of expansion through adjacent high-performance mixed-signal applications.
Forward Guidance
Revenue is expected to range between $520 million and $580 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 $153 million and $159 million, including approximately $21 million in stock-based compensation expense, $9 million in amortization of acquired intangibles, and $3 million in acquisition-related costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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