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Cirrus Logic, Inc. (CRUS) Stock Declining After a Positive Monday

Cirrus Logic, Inc. (CRUS), a fabless semiconductor company, has declined by 2.73% in the aftermarket trading session and consequently is trading at $87 at the time of the writing. During Monday’s regular trading session, the stock gained an increase of 4.91% and closed the day at $89.44. The increase in Monday’s regular session could be attributed to the announcement of quarterly results by the company.

CRUS Q3 2021 Results

On Monday, CRUS released the results for the third quarter of the fiscal year 2021. The quarter ended on 25th December 2021. The company generated a record revenue of $548.3 million during the quarter. The GAAP gross margin for the period was estimated to be 52.8%, while the non-GAAP gross margin was the same, i.e. 52.8%. The company said that the GAAP operating expenses stood around $145.3 million, while the non-GAAP operating expenses were estimated to be $115.5 million. The GAAP earnings per share were calculated to be $2.16, while the non-GAAP earnings per share were $2.54.

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Business Outlook for Q4 2022

CRUS also released the business outlook for the fourth quarter of the fiscal year 2022. The company said that the revenue is expected to be in the range of $400 and $440 million. The GAAP gross margin is expected to fall in the range of 51% and 53%. The combined GAAP general and administrative as well as research and development expenses were estimated to lie in the range of $150 million and $156 million.

Executive Commentary

John Forsyth, president, and chief executive officer of CRUS, while commenting said that the company has reported record revenue during the quarter which is driven by the significant contributions from the expanded high-performance mixed-signal content shipping into smartphones and strong overall demand for the products of the company. Moving forward, the company believes that it is well-positioned to increase the diversity of its business and drive long-term revenue growth.

Future Outlook for CRUS

Stats reveal that during the last three months, CRUS stock has gained an increase of approximately 10%. Looking ahead, analysts believe that even though the stock holds several positive signals, these are not enough to be categorized as a buy candidate. Hence, it should be considered a hold candidate at this point in time.

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