Cirrus Logic Q2 revenue beats on smartphone demand

Overview

• US mixed-signal chipmaker's Q2 revenue rose and beat analyst expectations

• Adjusted EPS for Q2 beat analyst expectations

• Company authorized $500 mln share repurchase in October 2026

Outlook

• Cirrus Logic expects Q3 revenue between $510 mln and $570 mln

• Company forecasts Q3 GAAP gross margin of 51% to 53%

Result Drivers

• SMARTPHONE DEMAND - Co said strong demand and increased content shipping into smartphones drove Q2 results, per CEO John Forsyth

• NEW SMARTPHONE LAUNCHES - Co said custom components and third-generation camera controller saw broader adoption in newly launched smartphones

• PRODUCT DEVELOPMENT - Co said it made progress on new product development, including sampling analog front-end components for smart metering and advancing camera controller and smart codec products

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the semiconductors peer group is "buy"

• Wall Street's median 12-month price target for Cirrus Logic, Inc. is $169.10, about 50.6% above its November 3 closing price of $112.32

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 14 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)