Cirrus Logic Inc · Q3 2024 earnings

Briefing

Cirrus Logic delivered record revenue and earnings per share.

Cirrus Logic reported record revenue of $619.0 million and record earnings per share in the December quarter. The company achieved key milestones in the production of next-generation audio components and made advances in process technology and foundry strategy. Customer engagement with laptop solutions was strong, and excellent progress was made on R&D programs in the high-performance mixed-signal business.

• Record revenue of $619.0 million was achieved.
• GAAP gross margin was 51.3 percent and non-GAAP gross margin was 51.4 percent.
• GAAP earnings per share was $2.50 and non-GAAP earnings per share was $2.89.
• Cash and cash equivalents balance was $587.0 million.

Headline financials

Revenue & EPS history

Revenue is expected to range between $290 million and $350 million. GAAP gross margin is expected to be between 49 percent and 51 percent. Combined GAAP R&D and SG&A expenses are anticipated to range between $138 million and $144 million, including approximately $22 million in stock-based compensation expense and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $114 million and $120 million.