Cirrus Logic (NASDAQ:CRUS) is a developer of analog and mixed signal semiconductors. While the company is working feverishly to diversify its business into the automotive space as well as into LED lighting ICs, the bulk of the firm's business involves selling audio CODEC chips to Apple (NASDAQ:AAPL). This a double edged sword: on one hand, Cirrus' business was essentially "made" thanks to its position in Apple products and the stock benefitted quite handsomely from Apple's rise to fame. Unfortunately, Apple is a 75%+ customer of Cirrus', which amplifies the risks that typically come with high customer concentration to unique levels.
The Apple Fears Finally Come True
Obviously, when Apple was growing to what seemed to be...
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