This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cypress Clears Estimate, Projects Weaker Second Quarter

Cypress Semiconductor (CY - Get Report) 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."

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CY $13.23 -2.65%
AAPL $124.75 -1.13%
FB $80.78 -1.86%
GOOG $524.05 -1.83%
TSLA $206.79 0.04%

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs