Is Cirrus Logic Too Dependent on Apple?

Chipmaker Cirrus Logic"got crushed" on Thursday, Cramer said, after reporting a disappointing quarter.

Earnings per share came in 2 cents below analysts' 42-cent consensus estimate, revenues were merely in line, and guidance for the next quarter "looked light," Cramer said. As a result, Cirrus finished the day down 16 percent.

Now, Cramer's been a big fan of this company, which makes chips for the Apple iPad and iPhone, so he wondered if Thursday's decline was more of an opportunity than the signal to sell that it appeared to be. After all, CRUS trades at just nine times next year's earnings, with $2 a share in cash, despite its 20-percent long-term growth rate. Given those numbers, the stock certainly looks cheap at least.

Plus, Cirrus has a leg in on the smart power grid business, a potential $1.2 billion opportunity. At the same time, though, investors fear the company may be too dependent on Apple, from which Cirrus gets 44 percent of its sales.

Today's quarter was the past, but Cramer's concerned only about the future. That's why he invited Cirrus CEO Jason Rhode to "Mad Money." Watch the video for full interview.

When this story published, Cramer's charitable trust owned Apple.

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