Cirrus Logic, Inc.

Cirrus Logic, Inc. exceeded analyst expectations in terms of revenue as well as earnings, reporting a commendable revenue of $481.1 million, reaching the upper echelon of the guidance range. This success was attributed to an unexpectedly robust demand for products integrated into smartphones, resulting in a remarkable 52% quarter-over-quarter revenue surge. The gross margin exhibited notable strength, with a non-GAAP gross profit of $247 million and a margin of 51.3%, surpassing the high end of the provided guidance range. The balance sheet remained robust, concluding the quarter with approximately $352.5 million in cash and cash equivalents. Looking ahead to the Q3 fiscal year ’24, their team forecasts revenue between $510 million and $570 million, with a gross margin ranging from 49% to 51%. Operating expenses are expected to increase sequentially, ranging from $120 million to $126 million. The company remains vigilant in controlling discretionary spending while strategically investing in product development for sustained long-term growth. In closing, Cirrus Logic acknowledges the intense interest in its largest customer but adheres to its policy of not disclosing specific details about business relationships.