Q3 2026 Cirrus Logic Inc Earnings Call Transcript
Key Points
- Cirrus Logic Inc (CRUS) reported revenue of $580.6 million for the December quarter, exceeding the top end of their guidance range.
- The company delivered record GAAP and non-GAAP earnings per share in the third quarter.
- Strong demand was observed for the latest generation custom boosted amplifier and 22 nanometers smart codec in the smartphone audio business.
- The company is actively developing next-generation camera products with enhanced features and improved performance.
- Cirrus Logic Inc (CRUS) continues to invest in R&D for advanced battery and power applications, indicating future growth potential.
- Revenue outside of the flagship customer declined significantly, indicating a heavy reliance on a single customer.
- There were temporary headwinds in the general market business, including a strategic shift away from Android, leading to a decline in Android revenues.
- The company faced previously anticipated pricing reductions, impacting gross margins.
- Operating expenses increased due to higher employee-related expenses and professional expenses.
- The company is in the early stages of participation in the automotive haptic market, indicating that significant revenue contributions from this segment may take time.
Ladies and gentlemen, thank you for standing by. Welcome to the Cirrus Logic third-quarter fiscal year 2026 financial results Q&A session. (Operator Instructions) As a reminder, this conference call is being recorded for replay purposes.
I would now like to turn the conference call over to Ms. Chelsea Heffernan, Vice President of Investor Relations. Ms. Heffernan, you may begin.
Thank you, and good afternoon. Joining me on today's call is John Forsyth, Cirrus Logic's Chief Executive Officer; and Jeff Woolard, our Chief Financial Officer. Today at approximately 4:00 PM Eastern time, we announced our financial results for the third-quarter fiscal year 2026. The shareholder letter discussing our financial results, the earnings press release, and the webcast of this Q&A session are all available at the company's investor relations website.
This call will feature questions from the analysts covering our company. Additionally, the results and guidance we will discuss
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