Cypress Semi Boosts Guidance
Cypress Semiconductor
(CY) - Get Cypress Semiconductor Corporation Report
raised its fourth quarter earnings forecast by a third, saying it now expects to earn 12 cents a share, thanks to strong demand for wireless and consumer products.
The Thomson First Call consensus is 9 cents a share, matching the company's previous forecast.
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The San Jose, Calif.-based chipmaker also upped guidance on revenues to $230 million, from $224 million.
That compares with a loss of $126.2 million, or $1.02 a share, on revenues of $174 million in the same quarter last year.
In the third quarter of 2003, the company earned 8 cents a share on sales of $217million.
Cypress shares closed at $23.06 Thursday, near their 52-week high. The stock has more than doubled in the past six months, outperforming the overall tech market.
