Cirrus Logic CRUS reported fourth-quarter fiscal 2021 results, wherein quarterly non-GAAP earnings per share of 66 cents missed the Zacks Consensus Estimate by 4.4%. Moreover, the bottom line fell 2.9% on a year-over-year basis.Cirrus Logic, Inc. Price, Consensus and EPS Surprise Cirrus Logic, Inc. price-consensus-eps-surprise-chart | Cirrus Logic, Inc. QuoteRevenuesTotal revenues of $293.5 million missed the Zacks Consensus Estimate of $301 million. However, it increased 5% year over year. The top line was affected by supply constraints, due to which it couldn’t optimally meet the high demand for semiconductors during the last quarter of fiscal 2021. However, increase in penetration of its audio solutions in smartphones was a positive. Additionally, strong momentum in audio and haptic solutions beyond smartphones was a tailwind for the top line.Cirrus Logic rearranged its reportable segments and created a separate category during the fiscal fourth quarter, namely high-performance mixed-signal, which grew 55% year on year to $57.7 million driven by the introduction of the company’s first camera controller. This segment includes a few of Cirrus’ non-audio products and accounted for 19.7% of total revenues for fiscal 2021.Audio revenues (80.3% of total revenues) came in at $235.8 million, down 1% year over year.Profits & MarginsNon-GAAP gross profit of $148.4 million increased 1.4% on a year-over-year basis. Non-GAAP gross margin, however, contracted 190 basis points (bps) to 50.5%.Cirrus Logic’s non-GAAP operating expenses jumped 7.4% year over year to $106 million.Non-GAAP operating income of $42.4 million decreased 10.9% year over year. Non-GAAP operating margin of 14.4% contracted 270 bps.Balance Sheet and Cash FlowThe company exited the fiscal fourth quarter with cash and marketable securities of $497.9 million compared with $370.6 million at prior quarter-end.Accounts receivables were $108.7 million compared with $244.8 million recorded in third-quarter fiscal 2021. Notably, it did not report any long-term debt as of Mar 27, 2021.Full-Year HighlightsFor the full year, Cirrus Logic reported revenues of $1.37 billion, which increased 7% year over year. Non-GAAP earnings of $4.58 per share rose 14.8% year over year.OutlookFor first-quarter fiscal 2022, the company projects revenues between $240 million and $280 million. At the mid-point, the guidance suggests growth of 7% year over year. The mid-point of the revenue guidance lies below the Zacks Consensus Estimate of $286 million.Zacks Rank & Stocks to ConsiderCirrus Logic currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader technology sector include Lam Research Corporation LRCX, Micron Technology, Inc. MU and LG Display Co., Ltd. LPL, each sporting a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.Long-term earnings growth rate for Lam Research, Micron and LG Display is currently projected at 32.8%, 15.7%, and 29.8%, respectively.5 Stocks Set to DoubleEach was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Micron Technology, Inc. (MU): Free Stock Analysis Report Lam Research Corporation (LRCX): Free Stock Analysis Report LG Display Co., Ltd. (LPL): Free Stock Analysis Report Cirrus Logic, Inc. (CRUS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research