Cirrus Logic Inc. (NASDAQ: CRUS) stock surged by 0.17% at last close whereas the CRUS stock price declines by 11.24% in the after-hours trading after Cirrus Logic announced its financial results for the fourth quarter and fiscal year 2021. Cirrus Logic is a pioneer in low-power, high-precision mixed-signal processing that enables cutting-edge customer experiences in the world’s most common mobile and consumer applications. Cirrus Logic, based in Austin, Texas, is known around the world for its award-winning corporate culture.
On April 29, 2021, Cirrus Logic has released its financial highlights for the fourth quarter and full fiscal year 2021 that ended on March 27, 2021. Given below is the summary:
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- For the fourth quarter of the fiscal year 2021, the revenue was $293.5 million while the generated revenue for the full fiscal year 2021 was $1.37 billion.
- CRUS has reported the GAAP and non-GAAP margin of 50.5% for the Q4 and 51.7% for the full year.
- The GAAP operating expenses were $123.4 million for Q4 and $470.1 million for the full year whereas the non-GAAP operating expenses were $106.0 million and $401.9 million for Q4 and full-year fiscal 2021, respectively.
- Also, the GAAP earnings per share were $0.42 and $3.62 for the fourth quarter and full year, respectively. While the non-GAAP earnings per share were $0.66 for Q4 and $4.58 for the full fiscal year 2021.
Business insight for Q1 FY22
In the financial results Cirrus Logic has also provided its shareholders with estimate business progress for Fiscal year 2022.
- The anticipated value for the revenue is between $240 million and $280 million for the Fiscal year 2022.
- The GAAP net margin is expected to be around 49% and 51%.
- The combined GAAP R&D and SG&A costs are expected to be around $120 million and $126 million, with $15 million in stock-based compensation cost and $3 million in amortization of acquired intangibles.
John Forsyth, chief executive officer commented:
CRUS generated good sales, operating profit, and EPS growth in FY21, owing to both content and unit volume increases. CRUS has enhanced the prevalence of its audio solutions in smartphones, extended the range of end products comprising of audio and haptic components, and made substantial progress in expanding its mixed-signal product portfolio with main product launches in new areas over the last year.