NEW YORK (TheStreet) -- Shares of Cypress Semiconductor (CY) - Get Report are higher by 0.81% to $11.77 on Friday afternoon following the company's higher-than-anticipated revenue for the 2016 second quarter and upbeat outlook.

After yesterday's closing bell, the San Jose, CA-based semiconductor company posted revenue of $456.4 million, above analysts' forecasts of $455.2 million.

Adjusted earnings were 12 cents per diluted share, matching Wall Street's projections.

"Second quarter non-GAAP revenue, margin and EPS were in line with guidance," CFO Thad Trent said in a statement.

In the third quarter, Cyprus sees earnings per diluted share in the range of 12 cents and 16 cents on revenue of $510 million to $540 million. Analysts are modeling earnings of 15 cents per share on revenue of $475.2 million.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, increase in net income and good cash flow from operations.

But the team also finds weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CY

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