XLK - Will Apple's soft iPhone revenue haunt Cirrus Logic's FQ2 report? - earnings preview

Audio and voice integrated circuit provider Cirrus Logic (CRUS) reports fiscal Q2 results after the bell today. Consensus estimates see $310.18M in revenue (-20% Y/Y) and $0.89 EPS (-43%).Last quarter, Cirrus reported top and bottom line beats driven by "robust" shipments for smartphones and tablets and guided FQ2 revenue of $290-330M, a 51-53% gross margin, and combined GAAP R&D and SG&A expenses of $114-120M.Cirrus receives about 83% of its revenue from Apple. Last week, the tech giant reported earnings beats with strong iPad sales, but shares fell after iPhone revenue missed estimates due to the iPhone 12 launch delay, which pushed the device into Q4.Peers that could move with the earnings news: Cirrus directly competes with the likes of Analog Devices (ADI) and Maxim Integrated (MXIM). But Apple suppliers can move as a block, especially with fellow supplier Skyworks also reporting after the bell.Here's a look at how CRUS shares have performed against the S&P 500 and

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Will Apple's soft iPhone revenue haunt Cirrus Logic's FQ2 report? - earnings preview