NEW YORK ( TheStreet) -- Last night's "Mad Money" found Jim Cramer talking to Cypress Semiconductor ( CY) CEO T.J. Rodgers about his company and economic policy views. It's clear Cramer loves Cypress for a simple reason: The chip maker fits nicely into his larger transformational product thesis; that the move of smart phones and mobile internet technologies from novelty to necessity will be a primary driver for the tech sector. And it just so happens that Cypress makes the very chips and technologies used in handheld and portable devices. Since the beginning of the year, shares in the company have gained more than 140%. Today, shares were putting on another 2.2%, or 24 cents, to $10.94. To better understand Cramer's excitement, it's worth taking a closer look at Cypress's most recent quarterly results, announced just two weeks ago. The company swung to a $45.3 million loss in the second quarter, or 32 cents per share, compared to the year-ago quarter. But after excluding certain items, the loss came to 3 cents per share, which more than beat analysts' 9 cent loss projections. Still,l as Cramer said last night, there was much to like. Though revenue dropped 26% in the year-ago comparison, it grew sequentially by nearly 12% at $155.8 million. That also topped projections. More interestingly, revenues from its TrueTouch touch-screen line actually doubled in quarter-over-quarter comparisons. As the company noted in its press release -- and Cramer noted last night -- with ordering patterns evening out, backlog grew 51% sequentially. It was also the company's cautious, but muscular, forecast that had many buzzing soon after.
"We are projecting that we will have above-average seasonal revenue growth in Q3," Rodgers said in statement accompanying the earnings release. "We continued to aggressively manage our cost structure and generated positive free cash flow in Q2. Our balance sheet is solid with $280 million in cash and investments and limited debt of $28 million that will mature in Q3. Significant new product design wins, coupled with tight-fisted financial management, position us to drive revenue and leveraged earnings growth." According to a transcript of the earnings call provided by Seeking Alpha, Cypress guided above the street consensus in saying third-quarter revenue would land between $170 million to $175 million, while earnings would come between 5 cents and 7 cents per share. --Reported by Sung Moss in New York.