Updated from April 15

Cypress Semiconductor ( CY) swung to a first-quarter profit on a 41% jump in revenue, as the company kept its research and development budget roughly unchanged and held down expenses.

But in a midday conference call following Thursday's earnings report, Cypress executives said orders from Cisco ( CSCO), which surged in the first quarter, look to be flat in the second quarter of the year. The comment contributed to selling in Cypress, which closed down $2.60, or nearly 13%, to $17.75 in Thursday trading on Nasdaq. (In recent preopen trade Friday, the shares were up 25 cents, or 1.4%, at $18.00.)

Cypress earned $26.5 million, or 16 cents a share, in the latest quarter, compared with a loss of $33.3 million, or 27 cents a share, last year. Revenue was $254.4 million in the latest quarter compared with $181.1 million last year.

On the operating expense side, Cypress' research and development cost was $60.4 million in the latest quarter compared with $58.5 million last year, while acquisition-related costs totaled $2.8 million in the latest quarter compared with $6.1 million a year ago. The latest quarter also included a $7.7 million reversal of an employee loan reserve.

Cypress officials, asked during Thursday's conference call about orders from one of their biggest customers, Cisco, said it enjoyed a surge in the first quarter but not in the second quarter so far. "We're not seeing a significant growth quarter-on-quarter," said Ralph Schmitt, executive vice president of sales and marketing.

While some analysts have speculated that demand for Cisco's own products is leveling off, Cypress officials said that is not the case.

On a pro forma basis that excludes amortization, acquisition costs and other unpleasantries, Cypress earned $31.4 million, or 19 cents a share, in the first quarter compared with a loss of $12.4 million, or 10 cents a share, last year. On that basis, analysts had been forecasting earnings of 18 cents a share on revenue of $250.5 million in the latest quarter.

Cypress' book-to-bill ratio was 1.12 in the quarter, with all of its segments reporting more orders than shipments.

"All of our major markets are growing, and we are also gaining market share in several key product areas: For example, we moved into the No. 1 position this quarter in Network Search Engines, the chips used to forward packets in switches and routers," the company said. "As a result, we are continuing to grow faster than the semiconductor industry as a whole."

As originally published, this story contained an error. Please see Corrections and Clarifications.

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