CIRRUS LOGIC Reports First Quarter Earnings Results for FY2024
August 14, 2023
🌥️Earnings Overview
CIRRUS LOGIC ($NASDAQ:CRUS) announced their financial results for the first quarter of FY2024, ending on June 30 2023, with total revenue of USD 317.0 million, a decrease of 19.5% from the same period in the previous year. Net income also declined to USD 15.6 million, representing a decrease of 60.7%.
Stock Price
On the same day, CIRRUS LOGIC stock opened with a price of $79.3 and closed at $79.9, down by 0.5% from the previous closing price of 80.3. Despite the overall down trend in the stock market, the company’s performance was able to remain strong.
Additionally, CIRRUS LOGIC managed to generate positive cash flow from its operations and increase its cash on hand. This indicates that CIRRUS LOGIC is doing well in terms of its cost control measures and operational efficiency. Overall, it looks like CIRRUS LOGIC is continuing to perform well during this quarter despite the volatility in the market. The company’s strong financial performance will likely continue throughout FY2024 as it continues to innovate in its product offerings and expand into new markets. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Cirrus Logic. More…
| Total Revenues | Net Income | Net Margin |
| 1.82k | 152.6 | 12.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Cirrus Logic. More…
| Operations | Investing | Financing |
| 225.39 | -40.25 | -212.13 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Cirrus Logic. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 2.06k | 399.8 | 30.31 |
Key Ratios Snapshot
Some of the financial key ratios for Cirrus Logic are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.3% | 13.7% | 12.3% |
| FCF Margin | ROE | ROA |
| 10.1% | 8.4% | 6.8% |
Analysis
At GoodWhale, we’ve taken an in-depth look at the financials of CIRRUS LOGIC, helping you determine whether or not it’s a good investment. After running the numbers, we’ve determined that CIRRUS LOGIC is a medium risk investment in terms of financial and business aspects. We’ve also picked up one risk warning in their balance sheet. If you’d like to learn more about this and make a more thorough assessment of CIRRUS LOGIC, we encourage you to register on our website and take advantage of our analysis tools. GoodWhale provides you with all the facts, so you can make a more informed decision. More…
Peers
The company’s competitors include Sequans Communications SA, United Microelectronics Corp, and Globetronics Technology Bhd.
– Sequans Communications SA ($NYSE:SQNS)
Sequans Communications S.A. provides wireless connectivity solutions for the Internet of Things and 4G/5G applications. The company operates in two segments, Mobile Broadband and Enterprise & IoT. It offers its solutions for cellular, Wi-Fi, and short range applications, as well as for various connected devices, including cellular routers and gateways, customer premises equipment, and automotive and transportation applications.
– United Microelectronics Corp ($TWSE:2303)
As of 2022, United Microelectronics Corp has a market cap of 501.15B and a Return on Equity of 18.27%. The company is a leading global semiconductor foundry that provides advanced technology and manufacturing services to semiconductor companies worldwide. The company’s technology platforms include: advanced process technologies, memory technologies, mixed-signal/analog technologies, and specialty technologies.
– Globetronics Technology Bhd ($KLSE:7022)
As of 2022, Globetronics Technology Bhd has a market cap of 769.86M and a Return on Equity of 11.1%. The company is engaged in the design, manufacture and sale of semiconductor products and precision components. It offers a range of services including research and development, engineering, testing and assembly.
Summary
CIRRUS LOGIC reported their earnings for the first quarter of FY2024, with total revenue of USD 317.0 million, a decrease of 19.5% year-over-year (YoY). Net income also decreased to USD 15.6 million, a drop of 60.7%. Looking ahead, it will be important to see if the company can improve their earnings and stock performance in future quarters, in order to regain market confidence and begin to increase shareholder value.
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