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Cypress Semiconductor

(CY) - Get Cypress Semiconductor Corporation Report

shares were slipping after the opening bell and following news that the chipmaker swung to a loss in the most recently completed quarter.

Shares were down 17 cents, or 1.7%, at $10.11 in the morning.

According to a press release issued Thursday morning, Cypress said it lost $19.7 million, or 13 cents per share. After excluding certain items and charges, however, the company said it would have earned 10 cents per share in the third quarter, which compares favorably to the 6-cent-per-share forecast of several analysts.

In the year-earlier quarter, the company turned in a $138 million profit, or 86 cents per share.

Though revenues topped estimates as well, sales also slumped 20% to $178.7 million from the $222.7 million in revenue posted in the same quarter last year.

Cost of sales, however, also ticked lower compared to last year, helping to improve gross margins to 47.3% from 44.3%.

Cypress CEO T.J. Rodgers highlighted the company's 15% sequential revenue gains and bettering non-GAAP gross margins, while also noting improvements in the overall market.

"While we can't predict where the macro economy will go, we are seeing more positive signs of end-market stability and continued low overall supply-chain inventories," Rogers said in the press release.

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Earlier in the week, chipmaking bellwether


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blew away earnings forecasts, while fellow tech headliner


(IBM) - Get International Business Machines Corporation Report

is set to

release quarterly results after Thursday's closing bell.

-- Written by Sung Moss in New York

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