Cirrus Logic Q1 FY24 revenue $317.0M, down 19% YoY; issues Q2 guidance $430-490M

CIRRUS LOGIC, INC.

2024-Q1 EPS reported $0.28 revenue$317,016,000

GAAP EPS $0.28, non-GAAP EPS $0.67; GAAP gross margin 50.3%, non-GAAP 50.4%.
One customer contributed 83% of revenue; audio 62%, HPMS 38%.
Workforce reduction of ~5% implemented in July to align cost structure with revised expectations.
A planned HPMS component is no longer coming to market; wafers reallocated to other products.
Q2 FY24 revenue guidance $430-490M; GAAP gross margin 49-51%; R&D+SG&A $141-147M.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CIRRUS LOGIC, INC. reported first quarter fiscal year 2024 ended June 24, 2023 results: revenue $317.0 million, EPS $0.28 and $0.67. Guidance initiated.

Period: first quarter fiscal year 2024 ended June 24, 2023
Revenue: $317.0 million
EPS: $0.28 and $0.67
Guidance: initiated
Result: reported results

Exact text from the filing

Reported Financial Results – First Quarter FY24 • Revenue of $317.0 million; • GAAP and non-GAAP gross margin of 50.3 percent and 50.4 percent; • GAAP operating expenses of $141.6 million and non-GAAP operating expenses of $113.8 million; and • GAAP earnings per share of $0.28 and non-GAAP earnings per share of $0.67.

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Source: SEC EDGAR

accession 0000772406-23-000047

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