Cypress Semiconductor

(CY) - Get Cypress Semiconductor Corporation Report

reported fourth-quarter earnings Tuesday that exceeded analysts' forecasts, but it warned that first-quarter earnings would fall below expectations.

For the fourth quarter, the San Jose, Calif.-based chip maker reported earnings of 74 cents a share, better than the 72 cents forecast by 13 brokers polled by

First Call/Thomson Financial

and more than double the 30-cents-a-share figure reported in the year-ago quarter.

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However, slowing demand for its products prompted the company to predict that first-quarter revenues would be 4% to 9% below last quarter's levels. Cypress said it expects earnings per share to come in at 58 cents, below the 65 cents a share forecast by analysts surveyed by First Call/Thomson Financial.

Revenue for the fourth quarter was $370 million, up 5% from the prior quarter's revenue of $352.7 million and up 68% from revenue of $219.9 million in the fourth quarter of 1999.

In morning trading Tuesday on the

New York Stock Exchange

, Cypress was recently down 94 cents, or 3.6%, to $25.50.