“Cirrus Logic , a supplier of audio codec chips to Apple and other smartphone makers reported revenue of $259.4 million for the June quarter, a y/y decline of 8%,” Mark Hibben writes for Seeking Alpha.

“Despite this, investors sent the stock up 19% the following day,” Hibben writes. “Why the enthusiasm? It was all in the guidance for the September quarter, a crucial quarter for Apple iPhone suppliers.”

“In the shareholder letter that accompanied the earnings release on Wednesday, Cirrus acknowledged in effect that Apple still accounts for 68% of its revenue, while Samsung accounts for 12%. Cirrus refers to ‘OEMs 3-10’ for the rest of its customers that make up the remaining 20%,” Hibben writes. “Cirrus is guiding to $395 million in revenue for the September quarter at the midpoint of its range of $380-$410 million, a 29% y/y increase. This is despite the fact that the S7 is still in production and Cirrus is therefore still feeling the effect of dual sourcing. This is a sequential increase of 52%, implying a truly impressive recovery in iPhone sales.”

Much more in the full article – recommended – here.

MacDailyNews Take: As we wrote just yesterday:

Even without a unique exterior design, there is much pent-up iPhone demand just waiting for the iPhone 7. We believe Apple’s next-gen iPhone series, due in less than two months, will be significantly more compelling than the widespread “this year’s iPhone will be boring” meme claims.

SEE ALSO:
Analyst: Apple’s iPhone 7 will see 12% growth over iPhone 6s – July 11, 2016
Study: Half of all current iPhone owners will upgrade to Apple’s next-gen iPhone – July 7, 2016
Pacific Crest: iPhone users grew by over 70 million during the iPhone 6 cycle and will drive significant growth in upgrade volume – May 23, 2016