An optimistic note from a Wall Street analyst lifted Cirrus and other chip stocks, too.Shares of audio mixed-signal chipmaker Cirrus Logic (CRUS 3.86%) were rising on Tuesday, up as much as 6.3% at one point before pulling back to a 4.1% gain as of 2:30 p.m. ET. Cirrus rose on the back of a positive analyst note, which had good news for this smartphone-related chipmaker, as well as others.Keybanc's checks leave its chip analyst optimisticIn a research note published today, Keybanc analyst John Vinh raised h ...

A turnaround in the fortunes of its largest customer could help this chipmaker deliver more upside.Share prices of Cirrus Logic (CRUS -0.04%) have been in fine form so far in 2024, clocking gains of 48% as Wall Street turns bullish on the chipmaker's prospects. The market is excited about a turnaround in the smartphone market, its solid quarterly results, and a potential improvement in the fortunes of its largest customer -- Apple (AAPL 0.40%).After all, Cirrus is highly reliant on Apple for a major chunk o ...

Cirrus Logic Inc. (CRUS) recently launched its latest lineup of digital-to-analog converters (DACs) and an ultra-high-performance audio CODEC. These innovative solutions are specifically crafted for recording artists, live performers and audiophiles, delivering uncompromising sound quality and exceptional performance.The new additions to the Pro Audio family include the 8-channel DAC CS4308P, 4-channel CS4304P, 2-channel CS4302P and CODEC CS4282P. These devices offer top-notch performance, minimal power con ...

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Try Media/iStock via Getty Images With our past coverage of Cirrus Logic (NASDAQ:CRUS) noting revenue forecasting for 2024 in Cirrus Logic Beats Wall Street Again And More, we offer an update drawing from a significant level of new and important information. Cirrus held two conferences confirming ASP increases with new iPhones launching in September plus continued ASP growth over the next few years. The road ahead appears clearly labeled and bright. Shall we go for a drive? What kind do you favor, a thrill ...

A month has gone by since the last earnings report for Cirrus Logic (CRUS) . Shares have added about 14.4% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Cirrus Logic due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers. Cirrus Logic Q4 Earnings Top EstimatesCirrus Logic ...

Financial Performance - Fiscal year 2024 net sales decreased by 5.7% to $1.79 billion from $1.90 billion in fiscal year 2023, with audio product sales down 7.5% to $1.08 billion and HPMS product sales down 2.8% to $705 million [199][205]. - The company achieved a net income of $274.6 million in fiscal year 2024, which included an income tax provision of $89.4 million [200]. - Net sales for the fiscal year ended March 30, 2024, were $1,788.9 million, down 5.7% from $1,897.6 million in the prior year [258]. - Gross profit for the same period was $916.1 million, resulting in a gross margin of approximately 51.2% [258]. - The company reported a net income of $274.6 million, an increase of 55.5% from $176.7 million in the prior year [258]. - Basic earnings per share increased to $5.06, up from $3.18 in the previous year [258]. - The effective tax rate for fiscal year 2024 was 24.6%, a decrease from 30.6% in 2023 and an increase from 11.5% in 2022 [383]. Expenses and Costs - Research and development expenses for fiscal year 2024 were $426.5 million, reflecting a decrease of 7.0% from fiscal year 2023 [210]. - Selling, general and administrative expenses for fiscal year 2024 decreased by 5.9% to $144.2 million compared to fiscal year 2023 [212]. - The company recorded restructuring costs of $10.6 million in fiscal year 2023 related to impairment of lease assets and workforce reduction actions [214]. - The company reported a stock-based compensation expense of $89,271,000 in fiscal year 2024, compared to $81,641,000 in fiscal year 2023, an increase of 9.9% [264]. - Total rent expense under operating leases was approximately $23.6 million for fiscal year 2024, down from $24.4 million in 2023 and $19.9 million in 2022 [369]. Cash Flow and Investments - Cash flow from operations in fiscal year 2024 was $421.7 million, an increase from $339.6 million in fiscal year 2023, driven by an $18.4 million favorable change in working capital [223]. - The company used $163.0 million in cash for investing activities in fiscal year 2024, primarily for $124.7 million in net purchases of marketable securities and $38.3 million in capital expenditures and technology investments [224]. - Net cash provided by operating activities increased to $421,674,000 in fiscal year 2024, up from $339,568,000 in fiscal year 2023, representing a 24.2% increase [264]. - The company repurchased and retired common stock amounting to $185,995,000 in fiscal year 2024, compared to $191,382,000 in fiscal year 2023, a decrease of 2.0% [264]. Assets and Equity - Total assets as of March 30, 2024, were $2,231.6 million, compared to $2,064.0 million a year earlier, reflecting a growth of 8.1% [255]. - Total stockholders' equity increased to $1,817.0 million, up from $1,658.3 million, indicating a growth of 9.6% [255]. - As of March 30, 2024, the company's inventory balance was $227.2 million, a decrease from $233.5 million in the previous year [255]. - The goodwill balance remained stable at $435.9 million as of March 30, 2024, unchanged from the previous year [329]. Market and Sales - International sales accounted for approximately 99% of net sales in fiscal year 2024, consistent with previous years [207]. - The company faced challenges with the new HPMS product not launching as planned in fall 2023, impacting overall sales performance [198]. - Revenue from China was $1,114.3 million, a decline of 9.4% compared to $1,230.6 million in fiscal year 2023 [341]. - The Company’s ten largest end customers accounted for approximately 95% of sales in fiscal year 2024, with Apple Inc. alone representing about 87% of total sales [292]. Taxation and Compliance - The company recorded an income tax expense of $89.4 million in fiscal year 2024 on pre-tax income of $363.9 million, resulting in an effective tax rate of 24.6% [219]. - The company expects the OECD's Pillar Two legislation, effective in fiscal year 2025, to have no material impact on its consolidated financial statements [221]. - The Company reported gross unrecognized tax benefits of $32.1 million as of March 30, 2024, with a decrease of $0.8 million during fiscal year 2024 due to the expiration of the statute of limitations [389]. Future Commitments and Liabilities - Future operating lease commitments total $200.5 million, with the largest commitments in 2025 at $21.0 million [346]. - The Company has a remaining purchase obligation of approximately $840 million of wafers from GlobalFoundries under the Capacity Reservation Agreement as of March 30, 2024 [372]. - The company expects restructuring-related liabilities of $1.6 million to be substantially paid out in cash during fiscal year 2025 [348].

Cirrus Logic (CRUS) witnessed healthy momentum this year so far. Shares of the company have gained 37.1% in the same time frame compared with the sub-industry’s growth of 16.3%.Cirrus Logic is a fabless semiconductor supplier that develops low-power, high-precision mixed-signal processing solutions. The company focuses on expanding markets where it can apply its high-precision, low-power mixed-signal processing knowledge to address challenging issues across the analog-to-digital divide.Image Source: Zacks I ...

CALGARY, Alberta, May 22, 2024 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. ("CMG" or the "Company") (TSX:CMG) is pleased to announce that Alex Davern has been appointed to the Board of Directors effective May 23, 2024. Mr. Davern joins the Board as an independent non-executive director and will stand for nomination at the next annual meeting of shareholders. Mr. Davern is formerly the Chairman of the Board of Directors of ESI Group and spent more than 25 years in senior executive leadership roles at N ...

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