Cirrus Logic, Inc.NASDAQ
Thu, Dec. 1, 10:55 AM
- Notable early (2%+ losses): Alphabet (GOOGL -2.25%, GOOG, -2%) Facebook (FB -3.4%), Twitter (TWTR -3.9%), Oracle (ORCL -3.3%), Salesforce (CRM -4.2%), VMware (VMW -3.5%), Alibaba (BABA -2.7%)
- 5%+: Qualcomm (QCOM -4.9%), Nvidia (NVDA -7%), Advanced Micro Devices (AMD -7.1%), Micron Technology (MU -5.5%)
- 8%+: Cirrus Logic (CRUS -8.8%), Gigamon (GIMO -9.5%)
Thu, Oct. 27, 5:20 PM
- Results – revenue $428.61M (+39.7% Y/Y, $31.86M above estimates), EPS $1.35 ($0.30 above estimates), gross margin 49.4%, operating expenses $93.3M
- Segment revenues – Portable Audio Products increased from $257.1M in Q2 2015 to $383.4M, Non-Portable Audio and Other Products declined from $49.6M to $45.2M over the same term.
- Q3 projections – Revenue of $475M-$515M, GAAP gross margin of 47%-49% and combined GAAP R&D and SG&A expenses of $107M-$113M.
- President and CEO Jason Rhode: "Robust demand for portable audio products drove Cirrus Logic’s revenue above the high end of guidance. We are extremely pleased with our progress in the September quarter as we began volume shipments of our new digital headset solution, expanded our share with boosted amplifiers and ramped production in a mid-tier smartphone at another leading customer. With a broad portfolio of components that span the entire audio signal chain we believe we are well positioned to capitalize on a variety of growth vectors in the coming years."
- Cirrus Logic (NASDAQ:CRUS) had posted Y/Y revenue declines in each of the two quarters prior to this report.
- Conference call
- Press release
Thu, Oct. 27, 4:34 PM
Wed, Oct. 26, 5:35 PM
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Tue, Sep. 20, 12:52 PM
- Analyst Matthew Ramsay maintains a Buy rating and raises his price target from $56 to $65 (current price $56.47).
- Ramsay notes Cirrus Logic's iPhone 7 chip content grew by 70% over the iPhone 6s with a dollar increase to $6 per phone up from $3.50.
- On biometrics prospects: "We believe Cirrus’ research into voice biometric security is gaining increasing interest from both smartphone OEMs and other consumer device makers. Discussion of this new technology came up in each meeting we hosted as an area of primary R&D investment for the company with the possibility to integrate across the audio value chain (particularly with smart microphones) and drive more sticky and higher margin design wins for the company."
- Shares in Cirrus Logic (CRUS +1.7%) are presently trading up around 14% from this point last week.
Fri, Sep. 16, 1:44 PM
- While already anticipated, Intel (INTC +2%) components are now confirmed to be installed within certain iPhone 7 configurations. Two Intel RF transceivers, a baseband modem and RF power management ICs are noted.
- Modems, transceivers and power management ICs provided by Qualcomm (QCOM +0.2% ) are also confirmed to be utilized in other device variations. Qualcomm had historically maintained an exclusive provider position of modem components for previous iPhone iterations.
- Supplies from Skyworks Solutions (SWKS -1.9%), Cirrus Logic (CRUS -1.8%), Samsung Electronics (OTC:SSNLF), Taiwan Semiconductor Manufacturing Company (TSM -0.7%), NXP Semiconductors (NXPI -2.2%), Broadcom (AVGO -1.3%), Qorvo (QRVO -2.4%), Texas Instruments (TXN -0.5%), Toshiba (OTCPK:TOSBF +4.4%), Lattice Semiconductor, (LSCC -0.6%), Dialog Semiconductor (OTC:DLGNF), SK Hynix (OTC:HXSCF) and other makers also so far validated.
Thu, Jul. 28, 3:03 PM
Thu, Jul. 28, 9:16 AM
- Gainers: EVOK +31%. GRPN +29%. OCN +25%. ALR +20%. N +18%. ESI +15%. TPX +15%. GRUB +13%. LOGI +13%. VSTM +12%. CRUS +11%. ASPS +11%. CHCI +11%. EBIO +11%. AXTI +11%. VNR +9%. SPHS +9%. VGZ +8%. KONA +7%. CLF +6%. ARIA 6%. SPU 5%. YNDX 5%.
- Losers: INFN -32%. ARGS -18%. AVXL -10%. IVTY -10%. F -8%. CIEN -8%. CBD -8%. XCOM -7%. EXAS -6%. WFM -5%.
Wed, Jul. 27, 6:04 PM
- Cirrus Logic (NASDAQ:CRUS) handled expectations with no problem and notes 'significant growth' fueled by new product demand in its Q2 revenue guidance of $380M-$410M (Q1 revenue of $259.4M).
- With Apple's (AAPL) next iPhone reportedly launching in mid-September, current Cirrus Logic trading appears to emit positive sentiment regarding the company's role in supplying audio circuits for the forthcoming device.
- Q2 GAAP gross margin projected at 47%-49%
- Combined Q2 GAAP R&D and SG&A expenses projected at $110M-$114M.
- Gross margin for Q1 of 48.9%.
- Operating expenses for Q1 of $87M.
- From Jason Rhode, Cirrus Logic president and CEO: "We are pleased to have delivered results above the high end of our guidance for the June quarter, and we continue to expect strong growth in FY17 driven by new product introductions."
- Shares were halted prior to the company's release and have since resumed trading.
- Conference call
- Shareholder letter
- Press release
Wed, Jul. 27, 5:39 PM
Wed, Jul. 27, 4:05 PM
Tue, Jul. 26, 5:35 PM
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Tue, Jul. 5, 10:18 AM
- Cirrus Logic (NASDAQ:CRUS) is off 7.4% and Skyworks Solutions (NASDAQ:SWKS) down 5.6% as Pacific Crest downgrades both to Sector Weight amid some disappointing iPhone supply chain forecasts.
- Qorvo (QRVO -5.5%) and InvenSense (INVN -5.1%) are down as well.
- Pac Crest has a fair value range of Cirrus Logic of $33-$36 (vs. its previous close of $38.04) and for $60-$67 on Skyworks (vs. previous close of $62.60).
- It also cut price targets on Analog Devices (ADI -1.7%) to $60 from $62 (7.7% upside); Broadcom (AVGO -2.5%) to $180 from $185 (19.7% upside) and Qualcomm (QCOM -1.3%) to $59 from $61 (12.8% upside).
- "Our lowered estimates reflect a much more disappointing second-half 2016 iPhone 7 ramp than what we had previously expected, as feedback from Asia indicates units are expected to be down 15% to 20% as compared to the iPhone 6s, as Apple appears to be taking a much more cautious view of the ramp," the analysts wrote.
Tue, Jun. 21, 9:35 AM| Tue, Jun. 21, 9:35 AM | 1 Comment
Mon, May 23, 10:53 AM
- Taiwan's Economic Daily News reports Apple (AAPL +1.7%) has ordered contract manufacturers to produce 72M-78M iPhone 7 units this year, a record figure for a new iPhone and above analyst estimates of ~65M.
- Apple is outperforming on a day the Nasdaq is up 0.3%. As are chip suppliers Cirrus Logic (CRUS +3.1%), Skyworks (SWKS +3.3%), Qorvo (QRVO +2.7%), and InvenSense (INVN +4.6%). Over in Taipei, Foxconn parent Hon Hai Precision (OTC:HNHAF) rose 4.6%, and fellow iPhone manufacturer Pegatron (OTC:PGTRF) rose 9.9%. TSMC (TSM +2.7%), which is believed to be the exclusive manufacturer of Apple's A10 processor (expected to go into the iPhone 7), is also doing well.
- The report comes with Apple having guided calendar Q2 revenue to be down 13%-17% Y/Y due to soft iPhone 6S sales. The rumor mill has indicated the iPhone 7 will feature a dual-camera array and a 256GB storage option, and do away with the 3.5mm headphone jack. The 9.7" iPad Pro's improved display suggests display enhancements are also possible.
- Now read Apple: Berkshire Hathaway Not The Only One Buying
- Update: Also reported by the Economic Daily News: Apple is prepping a "Pro" or "Premium" iPhone 7 model to go with a standard iPhone 7 and 7+.
Thu, May 5, 2:32 PM
- "The near-term weakness in the AAPL supply chain is well known at this point, but with a likely more muted [iPhone 7] cycle and content increases well understood, we would rather move to the sidelines and revisit next year," writes Barclays' Blayne Curtis, downgrading Cirrus Logic (CRUS -4.7%) to Equal Weight and cutting his target by $2 to $35.
- Curtis: "We still like the technology and continue to see LT opportunities, but struggle to identify further catalysts until next year when CRUS could see gains in the mid-tier (OEMs 3-10) for Android, another codec content increase and/or an in-box [smart codec] win at AAPL. We have not seen any evidence yet, but we are also worried that pressure at AAPL could filter down the supply chain, similar to post the [iPhone 5]..."
- He previously asserted Cirrus will likely only ship a basic audio codec ($1 ASP) rather than a smart codec supporting noise cancellation ($2-$2.50 ASP) for the digital headset expected to accompany the iPhone 7, which is widely believed to do away with the standard 3.5mm headphone jack and have all wired headsets connect through a Lightning port. However, Curtis does think Apple (NASDAQ:AAPL) will put another speaker in the space currently occupied by the 3.5mm jack, which would require another amplifier from Cirrus ($0.40-$0.50 ASP).
- Cirrus initially sold off on last week after providing soft FQ1 guidance in its FQ4 report (released in tandem with Apple's FQ2 report), but wound up posting double-digit gains the next day. Earnings call comments about design win activity, including for digital headsets and smart codecs, may have helped. Oppenheimer and Pac Crest previously upgraded on account of expected iPhone 7-related content gains.