Cirrus Logic doubles revenue, driven by sales of audio chips
Cirrus Logic Inc. said Tuesday that its firstquarter revenue more than doubled from last year, thanks to a surge in sales of the Austinbased company’s audio chips.
Revenue for the three-month period that ended June 26 was $81.9 million, up 118 percent from the same quarter a year earlier. Profit was $17.6 million, or 25 cents a share, compared with $221,000 a year ago. The company expects revenue of between $98 million and $106 million during its current quarter.
“We are extremely pleased with our Q1 financial results as revenue growth in portable audio was supported by growth from several other audio-and energy-related product lines,” CEO Jason Rhode said. “With a great second quarter ahead of us and our newly released products being very well-received by customers, we believe that the future of Cirrus Logic remains very bright.”
Cirrus shares rose 3.8 percent, or 66 cents, to close at $18.15 a share Tuesday. The company’s stock price has nearly tripled in the past year.
Much of the fuel for the company’s rapid growth appears to be coming from its largest customer, Apple Inc. Cirrus supplies audio chips for both the iPhone and the iPad tablet computer, according to industry analysts who have examined those products. In the 12-month period that ended in March, Apple accounted for 36 percent of Cirrus’ revenue, according to a securities filing.
Cirrus Logic recently announced plans to build a new headquarters downtown on West Sixth Street. It has about 500 employees.