Cirrus Logic Q3 revenue rises 5% to $619.0 million; March-quarter outlook drops
Cirrus Logic reported fiscal third-quarter 2024 revenue of $619.0 million, up 5% from a year earlier, with GAAP diluted earnings per share of $2.50 versus $1.83 a year earlier. The company guided fourth-quarter revenue to $290 million to $350 million, down 48% sequentially and down 14% year over year at the midpoint, which is a sharp decline for shareholders to weigh against the quarter's results.
- Q3 FY24 revenue was $619.0 million; GAAP diluted EPS was $2.50 and non-GAAP diluted EPS was $2.89, compared with $1.83 and $2.40 in Q3 FY23.
- Q4 FY24 revenue guidance is $290 million to $350 million, down 48% sequentially and down 14% year over year at the midpoint.
- One customer accounted for approximately 89 percent of total Q3 FY24 revenue.
- The company repurchased 780,517 shares for $56.9 million in the quarter and had $365.1 million left in its repurchase authorization.