Cypress Semiconductor stock rises after earnings top expectations

Shares of Cypress Semiconductor Corp.
were up nearly 4% in after-hours trading Thursday after the company topped earnings expectations for the first quarter. Cypress reported net income of $19.7 million, or 5 cents a share, up from $9 million, or 2 cents a share, in the year-ago period. Adjusted earnings per share were flat with a year earlier, at 27 cents. Analysts tracked by FactSet had been calling for 24 cents in adjusted EPS. Revenue for Cypress fell to $539 million from $582.2 million but came in ahead of the FactSet consensus, which called for $535.1 million. For the second quarter, Cypress expects revenue of $515 million to $545 million and adjusted EPS of 22 cents to 26 cents. Analysts were modeling $528 million in revenue and 24 cents in adjusted EPS. Cypress said that the outlook reflects the divestiture of its NAND flash business, which closed at the start of April. Shares have gained 27% so far this year, as the S&P 500
has risen 17%.

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