Cirrus Logic, Inc. (NASDAQ: CRUS) reported Q1 EPS of $0.54, $0.14 better than the analyst estimate of $0.40. Revenue for the quarter came in at $277.3 million versus the consensus estimate of $261.76 million.

“In the past quarter, Cirrus Logic accelerated both sales momentum and execution of our growth strategy. We grew revenue by 14 percent year on year, increased penetration of the Android market, began shipments with a leading laptop OEM, ramped new content in anticipation of product launches in the latter half of the year and advanced the development of a number of new components that are expected to drive future revenue growth,” said John Forsyth, Cirrus Logic president and chief executive officer. “The company’s recent investments in power-related products, including the acquisition of Lion Semiconductor, are expected to meaningfully expand our addressable market and continue the exciting progress we have been making in building new and strategic areas of our business. With a strong pipeline of audio and high-performance mixed-signal products ramping in the coming months, we are upbeat about the next several quarters and continue to anticipate accelerated revenue growth in FY22.”

GUIDANCE:

Cirrus Logic, Inc. sees Q2 2022 revenue of $430-470 million, versus the consensus of $385.86 million.

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