This Apple Supplier Could Turn Out to Be a Top 5G Play

Cirrus Logic (NASDAQ: CRUS) crushed Wall Street's expectations with a terrific fiscal 2020 fourth-quarter report earlier this month. The chipmaker's revenue and earnings increased substantially during the quarter that ended in March, which is impressive considering the impact of the COVID-19 pandemic on smartphone markets across the globe.

Cirrus supplies audio chips to smartphone companies. Apple (NASDAQ: AAPL) is its largest customer, accounting for 75% of the total revenue last quarter, followed by an Android smartphone maker that supplies another 10%. Such a heavy reliance on smartphones should have ideally wrecked the chipmaker's quarterly performance as shipments plunged 11.7% during the first quarter of the year, according to IDC.

However, that didn't happen, and Cirrus beat the coronavirus blues. Let's see how.