What happened Shares of Cirrus Logic (NASDAQ: CRUS) have jumped today, up by 8% as of 12:15 p.m. EDT, ahead of the company's fiscal first-quarter earnings release later today. Investors are optimistic about the results following a strong earnings release last week by Apple (NASDAQ: AAPL), Cirrus Logic's largest customer. So what Cirrus Logic's audio chips are found in a wide variety of Apple products, and the Cupertino, California, tech giant last week reported a 10% jump in hardware product revenue. Apple has made up roughly 80% of Cirrus Logic's revenue in each of the past three fiscal years. Apple was the only prominent smartphone vendor to grow shipments in the second quarter, according to IDC, thanks in large part to the affordably priced iPhone SE. Apple is Cirrus Logic's largest customer by far. Image source: Apple. Those data points are encouraging signs for Cirrus Logic. Now what In terms of the company's guidance, revenue in the fiscal first quarter is expected to be $200 million to $250 million. The consensus estimate is right in the middle of that range, at $225.2 million. Gross margin is forecast at 51% to 53%. Analysts are modeling for earnings per share of $0.30. Apple also suggested that its flagship iPhones would launch "a few weeks later" than normal this year, so investors will also want to hear any commentary from Cirrus Logic management about how that timing could impact guidance for the fiscal second quarter. Later this month, Cirrus Logic is also scheduled to present at two investor conferences. Execs will discuss the business at the KeyBanc Capital Markets' Future of Technology Series on Aug. 11 as well as the Oppenheimer Annual Technology, Internet and Communications Conference on Aug. 12. 10 stocks we like better than Cirrus LogicWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Cirrus Logic wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Evan Niu, CFA owns shares of Apple. The Motley Fool owns shares of and recommends Apple. The Motley Fool recommends Cirrus Logic. The Motley Fool has a disclosure policy.Source