Cypress Semi Net Rises

Cypress Semiconductor ( CY) swung to a profit in the second quarter on a 30% jump in revenue, as the company's wireless-infrastructure segment helped it match estimates despite an unusually sharp slowdown in bookings last month.

The stock added 28 cents, or 2.6%, to $11.25 in the Thursday premarket. The 52-week range is $10.76 to $24.08.

The San Jose, Calif., chip supplier earned $22.0 million, or 13 cents a share, in the three months to June 27, compared to a loss of $12.4 million, or 10 cents a share, last year. Revenue rose to $264.3 million from $203.1 million a year ago.

Excluding amortization of intangibles and other acquisition-related, restructuring and special items, Cypress earned $35.9 million, or 23 cents a share, matching the consensus earnings estimate as compiled by Thomson First Call. Analysts had been forecasting revenue of $264 million in the quarter.

Cypress was lifted by its wireless terminals and infrastructure division, which saw an unexpectedly strong 19% sequential increase in revenue and made up 35% of the company's overall top line in the quarter. Revenue in its wide area network and storage area network division fell 3% sequentially and made up 31% of overall revenue, while revenue in its computation and consumer segment fell 4% from the first quarter and made up 30% of overall revenue.

Accounts receivable were $152.7 million at the end of the quarter, compared to $113.6 million at Dec. 28, 2003.

Cypress said in its earnings release that it reached an agreement on June 29 to buy out the minority interest owners of its Sun Power subsidiary for $22 million.

More from Technology

These 5 Tech Giants Still Aren't That Expensive

These 5 Tech Giants Still Aren't That Expensive

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Intel CEO Brian Krzanich's Ouster Proves CEOs Aren't Above the Rules

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

Amazon, Microsoft and Google Face Backlash over ICE, Military Deals

As Intel Loses Its CEO, How Well Can It Compete Against Nvidia?

As Intel Loses Its CEO, How Well Can It Compete Against Nvidia?

3 Great Stock Market Sectors Millennials Should Invest In

3 Great Stock Market Sectors Millennials Should Invest In