Cirrus Logic (+10.9%) is trading higher after reporting fourth-quarter (March) results last night. CRUS reported a big beat on earnings per share estimates. Analysts had expected revenue to fall sharply year over year, but due to stronger-than-expected demand for smartphone products, revenue was essentially flat, down 0.3% year over year to $371.8 million. Additionally, the midpoint of its first-quarter (June) revenue guidance was much better than expected. CRUS's largest customer by far is Apple ( AAPL ), accounting for 83% of fiscal 2023 sales, so there's a high correlation between the two companies. CRUS focuses primarily on chips (ICs, codecs, ADCs) for audio and speech signal processing applications. However, CRUS has also branched out into the mixed-signal category, where power is its biggest growth opportunity.
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