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.
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.