Cirrus Logic beats second quarter 2027 expectations as non-GAAP gross margin reaches 53.8%

Cirrus Logic reported second quarter fiscal year 2027 revenue of $559.5 million, exceeding analyst estimates by 3.5%, while non-GAAP EPS of $2.70 beat expectations by 28%. Results were primarily driven by increased component content in recently launched smartphones and temporary gross margin benefits from favorable wafer supply agreements.

Key Highlights

• Non-GAAP gross margin reached 53.8%, benefiting from lower wafer costs under legacy GlobalFoundries agreements and a favorable product mix.
• Revenue concentration remains high, with the company’s largest customer contributing 93% of total sales during the quarter.
• Management announced a new $500 million share repurchase authorization following the return of $125.5 million to shareholders via buybacks in Q2.
• Product development hit key milestones with the tape-out of a fourth-generation camera controller and a second-generation smart codec for AI-enabled PCs.