Cirrus Logic Updates Third Quarter Fiscal 2019 Outlook
04 December 2018 - 8:30AM
Business Wire
Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high performance,
low-power ICs for audio and voice signal processing applications,
today announced it expects revenue for the third quarter fiscal
2019 to be in the range of $300 million and $340 million, compared
to its previous forecast of $360 million and $400 million, due to
recent weaknesses in the smartphone market.
Updated Business Outlook – Third Quarter FY19
- Revenue is expected to range between
$300 million and $340 million;
- GAAP gross margin is expected to be
between 49 percent and 51 percent; and
- Combined GAAP R&D and SG&A
expenses are expected to range between $118 million and $124
million, which includes approximately $11 million in share-based
compensation and $8 million in amortization of acquired
intangibles.
Jason Rhode, president and chief executive officer, will present
at the NASDAQ 39th Investor Conference at The May Fair Hotel in
London at 3:30 p.m. GMT on Tuesday, Dec. 4. A live webcast of the
presentation will be available on the company's investor relations
website. An archived replay of the webcast will be available on the
website following the event.
Cirrus Logic, Inc.
Cirrus Logic is a leader in high performance,
low-power ICs for audio and voice signal processing applications.
Cirrus Logic’s products span the entire audio signal
chain, from capture to playback, providing
innovative products for the world’s top smartphones,
tablets, digital headsets, wearables and emerging smart home
applications. With headquarters in Austin, Texas, Cirrus Logic is
recognized globally for its award-winning corporate
culture. Check us out at www.cirrus.com.
Cirrus Logic and Cirrus are registered trademarks of Cirrus
Logic, Inc. All other company or product names noted herein may be
trademarks of their respective holders.
Safe Harbor Statement
Except for historical information contained herein, the matters
set forth in this news release contain forward-looking statements
including our statements about our estimates for the third quarter
fiscal year 2019 revenue, gross margin, combined research and
development and selling, general and administrative expense levels,
share-based compensation expense and amortization of acquired
intangibles. In some cases, forward-looking statements are
identified by words such as “expect,” “anticipate,” “target,”
“project,” “believe,” “goals,” “opportunity,” “estimates,”
“intend,” and variations of these types of words and similar
expressions. In addition, any statements that refer to our plans,
expectations, strategies or other characterizations of future
events or circumstances are forward-looking statements. These
forward-looking statements are based on our current expectations,
estimates, and assumptions and are subject to certain risks and
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include, but are not limited to, the
following: the level of orders and shipments during the third
quarter, customer cancellations of orders, or the failure to place
orders consistent with current forecasts, and the risk factors
listed in our Form 10-K for the year ended March 31, 2018 and in
our other filings with the Securities and Exchange Commission,
which are available at www.sec.gov. The foregoing information
concerning our business outlook represents our outlook as of the
date of this news release, and we undertake no obligation to update
or revise any forward-looking statements, whether as a result of
new developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20181203005862/en/
Thurman K. CaseChief Financial OfficerCirrus Logic, Inc.(512)
851-4125Investor.Relations@cirrus.com
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