Though its results and guidance were in-line with the numbers provided in its April 17 warning,...

|By:, SA News Editor

Though its results and guidance were in-line with the numbers provided in its April 17 warning, earnings call commentary is hurting Cirrus Logic (CRUS -9.6%). While insisting in prepared remarks (.pdf) Cirrus' relationship with its top customer (Apple) "remains outstanding," and that design win activity is robust, CEO Jason Rhode responded to a question about FY14 sales by stating Cirrus'  "current projections are [for] flat to moderate growth." Much time was spent talking about Cirrus' LED controller chips, which have scored design wins with 2 "tier-one lighting customers." Apple made up 85% of FQ4 sales; that number is likely to drop in FQ1. (slides)