secwatch.observer — SEC 8-K summary
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Issuer:     CIRRUS LOGIC, INC. (CRUS)
CIK:        0000772406
Form:       8-K
Filed at:   2023-08-03T23:59:59+00:00
Accession:  0000772406-23-000047
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/772406/000077240623000047/0000772406-23-000047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/772406/000077240623000047/crus-20230803.htm
  HTML page:      https://secwatch.observer/filing/0000772406-23-000047

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer