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What: Shares of Cirrus Logic (NASDAQ:CRUS) have gotten crushed today by as much as 18% after the company presented at an investor conference.

So what: At the Barclays tech conference, Cirrus Logic CEO Jason Rhode gave a presentation that warned of margin pressures. The company also notes that the smartphone market that comprises its core business is maturing and remains very competitive.

Now what: Cirrus reiterated its guidance for the June quarter, with revenue expected in the range of $150 million to $170 million and gross margin of 50% to 52%. Of more concern to investors was that in the long term, Cirrus expects gross margins to decline to the "mid-40's" due to increased pricing pressures in the smartphone market. That would be a substantial decline that's rattled investors.

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Fool contributor Evan Niu, CFA, owns shares of Cirrus Logic. The Motley Fool owns shares of Cirrus Logic. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.