"During the quarter, the revenue contribution from our largest customer increased and design activity was robust. Our relationship remains outstanding and..."
"These efforts are beginning to pay off in our audio product line where we are now shipping catalog devices to
several mobile phone manufacturers." TAV several is more than two. So who are the other two or three or four, etc.
From the call, they are turning work down because they do not have enough engineers. Taking only work that they believe is really central to growth.
"We continued to gain momentum with general market devices and we are now shipping to several mobile phone manufacturers beyond our largest customer."
"As we look to the future, we are very optimistic about both our custom and general market opportunities in
audio, as portable devices will continue to become more complex, requiring sophisticated mixed signal
processing to deliver an enhanced audio and voice experience to the user."
I honestly do not think they lost any Apple business. I think they have only gained other large customers. This drop in the price of their stock may be a way to get many of the weak hands out in order to pursue a leveraged buyout. Cirrus is expanding, not contracting. I think if you wait it out, you will only be rewarded. IMHO