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AUSTIN - Cirrus Logic, Inc. (NASDAQ:CRUS) reported second-quarter fiscal 2026 earnings that significantly exceeded analyst expectations, driven by strong smartphone component demand. The company’s shares remained flat following the announcement in after-hours trading.
The company posted adjusted earnings of $2.83 per share, beating the consensus estimate of $2.07 by $0.76, while revenue reached a record $561 million, surpassing the $540.45 million forecast.
The Austin-based mixed-signal processing specialist saw its revenue increase from the same quarter last year when it reported $541.9 million, representing a 3.5% YoY growth. Cirrus Logic also provided third-quarter revenue guidance of $500-560 million, with the midpoint of $530 million slightly above the analyst consensus of $517 million.
"Cirrus Logic delivered record revenue for the September quarter driven by demand for components shipping into smartphones," said John Forsyth, Cirrus Logic president and chief executive officer. "During the quarter, we also made great progress in our strategy to expand into additional applications and markets."
The company reported a gross margin of 52.5% for the quarter, unchanged from the same period last year. Operating expenses totaled $149.6 million on a GAAP basis and $127.7 million on a non-GAAP basis.
Forsyth highlighted the company’s expansion efforts beyond smartphones, noting they secured their "first mainstream consumer laptop design" and expanded collaborations with leading PC platform vendors. The company also reported increased customer interest in products targeting professional audio, industrial, automotive, and imaging markets.
For the third quarter of fiscal 2026, Cirrus Logic expects gross margin to be between 51% and 53%, with combined GAAP R&D and SG&A expenses anticipated to range between $151 million and $157 million.
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