After the bell, shares added 1.4% to $10.48.
The chipmaker said it expects revenue between $169 million and $171 million over the three months to March, higher than previous guidance of $161 million to $168 million.
Analysts surveyed by Thomson Reuters forecast sales of $165 million.
"Q1 was strong," said CEO T.K. Rodgers in a statement. "We have a solid design win pipeline that will feed our revenue growth through the second quarter of 2014."
The San Jose, Calif.-based business also announced its CFO Brad Buss was retiring, effective June 1. Buss has been in the position since 2005.
Thad Trent, currently vice president of finance, will assume the role of executive vice president and CFO once Buss steps down.
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TheStreet Ratings team rates CYPRESS SEMICONDUCTOR CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CYPRESS SEMICONDUCTOR CORP (CY) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and a generally disappointing performance in the stock itself."