Core Viewpoint - Cirrus Logic's stock has surged 48% in 2024 due to optimism surrounding a recovery in the smartphone market, strong quarterly results, and potential improvements in its largest customer, Apple [1][3]. Group 1: Financial Performance - Cirrus Logic reported $372 million in revenue for Q4 fiscal 2024, flat year-over-year but exceeding Wall Street's estimate of $317 million [3]. - Non-GAAP earnings rose 35% year-over-year to $1.24 per share, significantly above the consensus estimate of $0.64 per share [3]. - The company forecasts $320 million in revenue for the current quarter, surpassing the analyst estimate of $302 million [3]. Group 2: Customer Dependency - Apple accounted for 87% of Cirrus Logic's revenue in fiscal 2024, up from 83% and 79% in the previous two fiscal years [1][2]. - The decline in Apple's iPhone shipments by nearly 10% year-over-year in Q1 2024 impacted Cirrus Logic's top-line growth [4]. Group 3: Market Outlook - The AI smartphone market is projected to grow at a CAGR of 65% through 2027, which could benefit Cirrus Logic as Apple integrates AI features into its products [4][5]. - Analysts expect Apple to sell 244 million iPhones in fiscal 2025, a 10% increase from the current fiscal year, with continued growth anticipated in fiscal 2026 [5][6]. - The upcoming release of AI-capable MacBooks and the expected upgrade cycle for iPhones could further enhance Cirrus Logic's growth prospects [6][7]. Group 4: Investment Considerations - Cirrus Logic's revenue in fiscal 2024 decreased by almost 6% to $1.79 billion, but analysts predict a small improvement in the current fiscal year [7]. - The stock trades at 26 times trailing earnings, which is a discount compared to the Nasdaq-100's trailing earnings multiple of 32, indicating potential for further upside [7][8].

Product Launch and Features - Cirrus Logic Inc. (CRUS) has launched a new lineup of digital-to-analog converters (DACs) and an ultra-high-performance audio CODEC aimed at recording artists, live performers, and audiophiles, focusing on sound quality and performance [1][2] - The new products include the 8-channel DAC CS4308P, 4-channel CS4304P, 2-channel CS4302P, and CODEC CS4282P, which feature minimal power consumption and hybrid gain control [1] - The devices are designed for superior analog functionality and digital integration, compatible with various audio equipment such as USB audio interfaces and professional speakers [1] Power Efficiency and Customization - The new solutions offer configurable advanced digital filters, allowing customers to customize their sound [2] - The 8/4-channel DACs consume only 10 mW/channel, highlighting the company's commitment to energy-efficient products [2] Financial Performance - In the last reported quarter, CRUS generated revenues of $371.8 million, a slight decrease of 0.3% year-over-year, attributed to a reduction in general market and custom components [3] - The revenue exceeded the Zacks Consensus Estimate of $320 million, and for the first quarter of fiscal 2025, the company expects revenues between $290 million and $350 million, with gross margins projected between 49% and 51% [3] Strategic Collaborations - CRUS is enhancing its position in the semiconductor industry through innovative product launches and strategic alliances, including a collaboration with Intel and Microsoft to develop a new PC reference design [3]

EnglishItalianoEspañolPortuguêsDeutschالعربيةFrançaisImportant DisclaimersThe content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your ...

Try Media/iStock via Getty Images With our past coverage of Cirrus Logic (NASDAQ:CRUS) noting revenue forecasting for 2024 in Cirrus Logic Beats Wall Street Again And More, we offer an update drawing from a significant level of new and important information. Cirrus held two conferences confirming ASP increases with new iPhones launching in September plus continued ASP growth over the next few years. The road ahead appears clearly labeled and bright. Shall we go for a drive? What kind do you favor, a thrill ...

A month has gone by since the last earnings report for Cirrus Logic (CRUS) . Shares have added about 14.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Cirrus Logic due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Cirrus Logic Q4 Earnings Top EstimatesCirrus Logic ...

Financial Performance - Fiscal year 2024 net sales decreased by 5.7% to $1.79 billion from $1.90 billion in fiscal year 2023, with audio product sales down 7.5% to $1.08 billion and HPMS product sales down 2.8% to $705 million [199][205]. - The company achieved a net income of $274.6 million in fiscal year 2024, which included an income tax provision of $89.4 million [200]. - Net sales for the fiscal year ended March 30, 2024, were $1,788.9 million, down 5.7% from $1,897.6 million in the prior year [258]. - Gross profit for the same period was $916.1 million, resulting in a gross margin of approximately 51.2% [258]. - The company reported a net income of $274.6 million, an increase of 55.5% from $176.7 million in the prior year [258]. - Basic earnings per share increased to $5.06, up from $3.18 in the previous year [258]. - The effective tax rate for fiscal year 2024 was 24.6%, a decrease from 30.6% in 2023 and an increase from 11.5% in 2022 [383]. Expenses and Costs - Research and development expenses for fiscal year 2024 were $426.5 million, reflecting a decrease of 7.0% from fiscal year 2023 [210]. - Selling, general and administrative expenses for fiscal year 2024 decreased by 5.9% to $144.2 million compared to fiscal year 2023 [212]. - The company recorded restructuring costs of $10.6 million in fiscal year 2023 related to impairment of lease assets and workforce reduction actions [214]. - The company reported a stock-based compensation expense of $89,271,000 in fiscal year 2024, compared to $81,641,000 in fiscal year 2023, an increase of 9.9% [264]. - Total rent expense under operating leases was approximately $23.6 million for fiscal year 2024, down from $24.4 million in 2023 and $19.9 million in 2022 [369]. Cash Flow and Investments - Cash flow from operations in fiscal year 2024 was $421.7 million, an increase from $339.6 million in fiscal year 2023, driven by an $18.4 million favorable change in working capital [223]. - The company used $163.0 million in cash for investing activities in fiscal year 2024, primarily for $124.7 million in net purchases of marketable securities and $38.3 million in capital expenditures and technology investments [224]. - Net cash provided by operating activities increased to $421,674,000 in fiscal year 2024, up from $339,568,000 in fiscal year 2023, representing a 24.2% increase [264]. - The company repurchased and retired common stock amounting to $185,995,000 in fiscal year 2024, compared to $191,382,000 in fiscal year 2023, a decrease of 2.0% [264]. Assets and Equity - Total assets as of March 30, 2024, were $2,231.6 million, compared to $2,064.0 million a year earlier, reflecting a growth of 8.1% [255]. - Total stockholders' equity increased to $1,817.0 million, up from $1,658.3 million, indicating a growth of 9.6% [255]. - As of March 30, 2024, the company's inventory balance was $227.2 million, a decrease from $233.5 million in the previous year [255]. - The goodwill balance remained stable at $435.9 million as of March 30, 2024, unchanged from the previous year [329]. Market and Sales - International sales accounted for approximately 99% of net sales in fiscal year 2024, consistent with previous years [207]. - The company faced challenges with the new HPMS product not launching as planned in fall 2023, impacting overall sales performance [198]. - Revenue from China was $1,114.3 million, a decline of 9.4% compared to $1,230.6 million in fiscal year 2023 [341]. - The Company’s ten largest end customers accounted for approximately 95% of sales in fiscal year 2024, with Apple Inc. alone representing about 87% of total sales [292]. Taxation and Compliance - The company recorded an income tax expense of $89.4 million in fiscal year 2024 on pre-tax income of $363.9 million, resulting in an effective tax rate of 24.6% [219]. - The company expects the OECD's Pillar Two legislation, effective in fiscal year 2025, to have no material impact on its consolidated financial statements [221]. - The Company reported gross unrecognized tax benefits of $32.1 million as of March 30, 2024, with a decrease of $0.8 million during fiscal year 2024 due to the expiration of the statute of limitations [389]. Future Commitments and Liabilities - Future operating lease commitments total $200.5 million, with the largest commitments in 2025 at $21.0 million [346]. - The Company has a remaining purchase obligation of approximately $840 million of wafers from GlobalFoundries under the Capacity Reservation Agreement as of March 30, 2024 [372]. - The company expects restructuring-related liabilities of $1.6 million to be substantially paid out in cash during fiscal year 2025 [348].

Cirrus Logic (CRUS) witnessed healthy momentum this year so far. Shares of the company have gained 37.1% in the same time frame compared with the sub-industry’s growth of 16.3%.Cirrus Logic is a fabless semiconductor supplier that develops low-power, high-precision mixed-signal processing solutions. The company focuses on expanding markets where it can apply its high-precision, low-power mixed-signal processing knowledge to address challenging issues across the analog-to-digital divide.Image Source: Zacks I ...

Group 1 - Computer Modelling Group Ltd. (CMG) has appointed Alex Davern as an independent non-executive director effective May 23, 2024 [1] - Alex Davern has over 25 years of experience in senior executive roles at National Instruments and has held positions such as CEO, COO, and CFO [1][2] - CMG announced the resignation of Judith Athaide from the Board of Directors effective February 29, 2024 [2] Group 2 - Mark Miller, Chairman of CMG, expressed confidence in Alex Davern's leadership and experience in managing high technology companies [2] - Pramod Jain, CEO of CMG, highlighted Davern's record in growing technology companies and creating shareholder value [2] - CMG is a global software and consulting company focused on solving complex challenges in the new energy industry [3]

Many investors actively seek breakout stocks to buy with the potential for substantial returns. Three businesses in the information technology sector stand out as opportunities, offering a promising potential for substantial returns. These businesses provide viable growth prospects by combining financial stability, innovation and strategic positioning. These businesses are more than just ticker symbols, they are forward-thinking tactics, flexibility and resilience in a constantly changing environment. These ...

Blowout fundamentals are possible when your top client is doing well.Buoyed by a strong quarterly earnings report and resulting analyst price target lifts, audio processor specialist Cirrus Logic (CRUS 1.51%) was an outperformer of a stock in recent days. As of early Friday morning the company's share price had increased more than 17% week to date, according to data compiled by S&P Global Market Intelligence.A dynamite quarter for the specialty tech supplierCirrus posted its results for its fiscal fourth qu ...