Cypress Clears Estimate, Projects Weaker Second Quarter

 

Cypress Semiconductor (CY Quote) said it earned 25 cents a share in first-quarter earnings excluding items. Analysts had expected the company would earn 23 cents a share, according to Thomson Financial/First Call.

Revenue fell less than 1% to $262.3 million from $264.2 million a year earlier. But the company noted that it made some changes to its business model, which reduced revenue. Excluding the changes, the company said it had $287.3 in revenue.

Cypress, citing weak first-quarter orders and limited visibility, said it expects revenue to fall in the second quarter from the first, to about $200 million to $210 million. It also expects single-digit earnings per share. Analysts already expect it will earn 8 cents a share in the second quarter.

"Semiconductor industry revenue is now projected to decline 15% from 2000 revenue, and it appears that the communication segment, on which we have focused a significant portion of our business, is getting hurt the most," CEO T.J. Rodgers said in a statement. "However, we still believe that the wide area and storage networks, wireless terminal and wireless infrastructure end markets are high-growth markets long-term, and we will continue to focus our new product activities in those markets."

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,318.16 1,091.38 2,146.04 33.56
Oil *
77.53
DOWN
14.28
DOWN
3.52
DOWN
10.78
UP
0.07
10 Yr
3.36%
SPDR Gold
112.94
-0.14%
-0.32%
-0.50%
+0.21%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services