---
schema_version: "secwatch.filing_event.v1"
accession: "0000772406-23-000047"
form_type: "8-K"
ticker: "CRUS"
cik: "0000772406"
company_name: "CIRRUS LOGIC, INC."
filed_at: "2023-08-03T23:59:59+00:00"
generated_at: "2026-06-12T10:10:27.179543+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000772406-23-000047
- form_type: 8-K
- ticker: CRUS
- cik: 0000772406
- company_name: CIRRUS LOGIC, INC.
- filed_at: 2023-08-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/772406/000077240623000047/0000772406-23-000047-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/772406/000077240623000047/crus-20230803.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000772406-23-000047
- JSON: https://secwatch.observer/filing/0000772406-23-000047.json
- Plain text: https://secwatch.observer/filing/0000772406-23-000047.txt

## Key facts
- Earnings Releases
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/772406/000077240623000047/0000772406-23-000047-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.