AUSTIN, Texas--(BUSINESS WIRE)--
Cirrus Logic, Inc. (Nasdaq: CRUS),a leader in high performance,
low-power ICs for audio and voice signal processing applications, today
announced it expects revenue for the third quarter fiscal 2019 to be in
the range of $300 million and $340 million, compared to its previous
forecast of $360 million and $400 million, due to recent weaknesses in
the smartphone market.
Updated Business Outlook – Third Quarter FY19
-
Revenue is expected to range between $300 million and $340 million;
-
GAAP gross margin is expected to be between 49 percent and 51 percent;
and
-
Combined GAAP R&D and SG&A expenses are expected to range between $118
million and $124 million, which includes approximately $11 million in
share-based compensation and $8 million in amortization of acquired
intangibles.
Jason Rhode, president and chief executive officer, will present at the
NASDAQ 39th Investor Conference at The May Fair Hotel in London at 3:30
p.m. GMT on Tuesday, Dec. 4. A live webcast of the presentation will be
available on the company's investor relations website.
An archived replay of the webcast will be available on the website
following the event.
Cirrus Logic, Inc.
Cirrus Logic is a leader in high performance, low-power ICs for audio
and voice signal processing applications. Cirrus Logic’s products span
the entire audio signal chain, from capture to playback, providing
innovative products for the world’s top smartphones, tablets, digital
headsets, wearables and emerging smart home applications. With
headquarters in Austin, Texas, Cirrus Logic is recognized globally for
its award-winning corporate culture. Check us out at www.cirrus.com.
Cirrus Logic and Cirrus are registered trademarks of Cirrus Logic, Inc.
All other company or product names noted herein may be trademarks of
their respective holders.
Safe Harbor Statement
Except for historical information contained herein, the matters set
forth in this news release contain forward-looking statements including
our statements about our estimates for the third quarter fiscal year
2019 revenue, gross margin, combined research and development and
selling, general and administrative expense levels, share-based
compensation expense and amortization of acquired intangibles. In some
cases, forward-looking statements are identified by words such as
“expect,” “anticipate,” “target,” “project,” “believe,” “goals,”
“opportunity,” “estimates,” “intend,” and variations of these types of
words and similar expressions.
In addition, any statements that
refer to our plans, expectations, strategies or other characterizations
of future events or circumstances are forward-looking statements.
These
forward-looking statements are based on our current expectations,
estimates, and assumptions and are subject to certain risks and
uncertainties that could cause actual results to differ materially.
These risks and uncertainties include, but are not limited to, the
following: the level of orders and shipments during the third quarter,
customer cancellations of orders, or the failure to place orders
consistent with current forecasts, and the risk factors listed in our
Form 10-K for the year ended March 31, 2018 and in our other filings
with the Securities and Exchange Commission, which are available at
www.sec.gov
.
The foregoing information concerning our business outlook represents our
outlook as of the date of this news release, and we undertake no
obligation to update or revise any forward-looking statements, whether
as a result of new developments or otherwise.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181203005862/en/
Thurman K. Case
Chief Financial Officer
Cirrus Logic, Inc.
(512)
851-4125
Investor.Relations@cirrus.com
Source: Cirrus Logic, Inc.