Cirrus Logic shares are trading increasingly better, as increased robust requests from the Cupertino-based tech giant resulted in better-than-anticipated results for the September quarter.
Cirrus furnishes components needed for voice, audio, and haptic feedback applications in smartphones, tablets, and other similar devices.
The increase in demand is also correlated to the launch of the new iPhone 12 lineup.
As for the fiscal second quarter, Cirrus resulted in $347.3 million, approximately 11% less than last year, but up 43% sequentially, and considerably ahead of the Wall Street analyst consensus that predicted revenue of $310.6 million.
Non-Gaap earnings were determined at $1.26 per share, vanishing the Street estimate of only 90 cents.
Cirrus stated that “stronger-than-anticipated orders for components shipping into smartphones, and to a lesser extent, tablets and truly wireless headsets drove sales significantly above our expectations.”
Cirrus estimates revenue of $440 million to $480 million for the December quarter, a significant increase.
The company claims that its guidance results from “anticipated shipments of certain components into smartphones as new product launches continue to ramp in the back half of the calendar year.” That may be an apparent nod to the iPhone lineup.
The company mentioned that one of its customers (widely believed to be Apple) is the source of 82% of revenue from the latest quarter.
“Our relationship with our largest customer remains outstanding with design activity continuing across numerous products,” the company noted, also clarifying that it doesn’t plan to discuss business terms.
Apple is the primary source of income for many companies, as is the case with Cirrus, so it’s easy to understand why many people want the tech giant to succeed – Their business is at stake too!