Austin-based Cirrus Logic managed to avoid the “Apple effect” when it reported results for its fiscal fourth quarter on Wednesday.
Cirrus Logic supplies audio and voice chips for the iPhone. On Wednesday the chipmaker reported revenue and profit that beat the expectations of Wall Street analysts.
Apple on Tuesday had reported that its iPhone sales were lower than the same quarter a year ago. But that didn’t seem to have much of an effect on Cirrus Logic, which doesn’t acknowledge publicly that Apple is its biggest customer, though it commonly known that they are an Apple supplier.
Cirrus Logic reported fourth quarter revenue of $327.9 million, up 41 percent from the year before.
For the full fiscal year, the company reported revenue of $1.5 billion, which marks the third year Cirrus Logic has recorded revenue growth of higher than 25 percent.
In a letter to shareholders, CEO Jason Rhode said Cirrus Logic benefited from the transition away from headphone jacks to “digital interfaces.”
Cirrus also told analysts that for the current quarter, which ends in July, it expects revenue in the range of $300 million to $340 million, which is in line with what analysts were expecting.
Though the company has traditionally supplied the type of audio and voice chips used in headsets and Rhode said in the letter to shareholders that he is trying to broaden Cirrus Logic’s portfolio.
He said they are “excited about potential opportunities in adjacent markets, including smart home and new technologies, such as voice biometrics.”
That’s one reason the company is spending more money on research and development, which increased 18 percent from last year. “We’ve absolutely got more irons in the fire than we’ve ever had,” Rhode said.
The company also reported net income, or profit, of $35 million, or 52 cents a share.
When adjusted for certain one-time costs and gains, Cirrus Logic doubled its profit from the year before. The company reported $56.7 million in quarterly profit, or 85 cents a share.
The company employs about 1,200 people worldwide, with more than 600 in Austin.
Cirrus Logic's shares closed Wednesday down 24 cents, or less than 1 percent, at $64.42. In after-hours trading following the release of its earnings report, Cirrus’ shares were up 8 cents.
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