`Case 5:19-cv-00036—RWS Document 66-49 Filed 08/27/19 Page 1 of 3 PageID #: 3572
`PUBLIC VERSION
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`EXHIBIT 48
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`EXHIBIT 48
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`PUBLIC VERSION
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`Case 5:19-cv-00036-RWS Document 66-49 Filed 08/27/19 Page 2 of 3 PageID #: 3573
`8/22/2019
`Austin chipmaker Cirrus Logic swings to profit in most recent quarter - News - Austin American-Statesman - Austin, TX
`
`By Staff and wire reports
`Posted Jul 31, 2019 at 3:58 PM
`Updated Jul 31, 2019 at 6:00 PM
`Austin-based technology company Cirrus Logic Inc. on Wednesday reported
`fiscal first-quarter net income of $4.6 million, after reporting a loss in the same
`period a year earlier.
`
`The chipmaker said it had net income of 8 cents per share, using GAAP
`reporting. GAAP is industry shorthand for generally accepted accounting
`principles. The company’s non-GAAP earnings, adjusted for one-time gains and
`costs, came to 35 cents per share.
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`The results topped Wall Street expectations. The average estimate of six analysts
`surveyed by Zacks Investment Research was for earnings of 15 cents per share.
`
`Cirrus Logic provides chips used in audio and voice equipment and other signal-
`processing applications. It makes audio chips for Apple’s iPhone and headphone
`dongles, and as such has been impacted in the past year by a decline in iPhone
`sales. Apple on Tuesday reported that its iPhone revenue for the second quarter
`was down 12% year-over-year.
`
`Cirrus -- which has more than 1,100 employees in Austin -- typically declines to
`name its biggest customer, but it is well established within the industry that it is
`Apple.
`
`Cirrus Logic posted revenue of $238.3 million in the period, which topped Wall
`Street forecasts. Three analysts surveyed by Zacks expected $221.9 million.
`
`Jason Rhode, Cirrus Logic’s president and chief executive officer, said the
`company “experienced solid demand for amplifiers and smart codecs shipping in
`handsets.”
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`
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`https://www.statesman.com/news/20190731/austin-chipmaker-cirrus-logic-swings-to-profit-in-most-recent-quarter
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`PUBLIC VERSION
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`A u s t in c h ipm a k e r C i r r u s L o g ic swin g s t o p r o t
`in m o s t r e c e n t q u a r t e r
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`Case 5:19-cv-00036-RWS Document 66-49 Filed 08/27/19 Page 3 of 3 PageID #: 3574
`8/22/2019
`Austin chipmaker Cirrus Logic swings to profit in most recent quarter - News - Austin American-Statesman - Austin, TX
`
`“We remain focused on product development execution, increasing penetration
`of new and existing customers and continuing to capitalize on demand for low-
`power, low-latency audio, voice and other signal-processing components, which
`we believe will position the company for long-term success,” Rhode said in a
`written statement.
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`For the current fiscal quarter that ends in October, Cirrus Logic said it expects
`revenue in the range of $300 million to $340 million. Analysts surveyed by Zacks
`had expected revenue of $287 million.
`
`Cirrus Logic’s shares rose in after-hours trading Wednesday following the
`release of its earnings report.
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`About an hour after the market closed, the stock was trading at $52.19, up $3.14
`or 6.4%.
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`Cirrus Logic shares have climbed more than 50% since the beginning of the year.
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`https://www.statesman.com/news/20190731/austin-chipmaker-cirrus-logic-swings-to-profit-in-most-recent-quarter
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