NEW YORK (TheStreet) -- Shares of Cypress Semiconductor (CY) - Get Report were advancing in after-hours trading on Thursday after the company reported better-than-anticipated earnings for the 2016 third quarter.

Following today's market close, the San Jose-based chipmaker posted adjusted earnings of 15 cents per share, topping analysts' estimates by one cent. 

Revenue of $530.1 million beat Wall Street's projections of $525.1 million, according to FactSet.

For the fourth quarter, Cypress forecasts adjusted earnings per share of 12 cents to 16 cents on revenue between $510 million and $540 million. Analysts surveyed by FactSet are modeling earnings of 13 cents per share on revenue of $517 million for the period.

"We are moving quickly to streamline the company to sharpen our focus on high-growth segments in the automotive, industrial and Internet of Things markets," CEO Hassane El-Khoury said in a statement.

About 6.53 million Cypress shares traded today vs. its 30-day average volume of 4.69 million shares.

Separately, 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.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

The company's strengths can be seen in multiple areas, such as its good cash flow from operations, expanding profit margins and solid stock price performance. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and feeble growth in the company's earnings per share.

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

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