‘Really Positive' Progress Made on Power Chip for Apple, Says Cirrus Logic

Cirrus Logic’s “engineering progress continues to be really positive” on a power component it’s developing for introduction later in 2021, said CEO John Forsyth on a quarterly call Monday. “We continue to be very excited about the journey we're on with our customer,” he said in obvious reference to Apple. “We are optimistic about our ability to execute on this strategic plan,” he said. “While we understand there is intense interest related to our largest customer, in accordance with our policy, we do not discuss specifics about our business relationship.” Apple didn't respond to questions Tuesday. Cirrus Logic stock closed down 8.1% on $89.98.