Cypress Semiconductor Earnings: Here’s Why Shares are Up Now
Cypress Semiconductor Corporation (NASDAQ:CY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 4.57%.
Cypress Semiconductor Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 22.22% to $0.14 in the quarter versus EPS of $0.18 in the year-earlier quarter.
Revenue: Decreased 3.87% to $193.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Cypress Semiconductor Corporation reported adjusted EPS income of $0.14 per share. By that measure, the company beat the mean analyst estimate of $0.07. It beat the average revenue estimate of $182.91 million.
Quoting Management: “Cypress performed well in the second quarter, posting revenue of $193.5 million—up 12.0% from the first quarter, exceeding our guidance. Our revenue growth was driven by broad strength across all business units, combined with particularly strong performance by our TrueTouch® BU.” Said president and CEO, T.J. Rodgers.
Key Stats (on next page)…
Revenue increased 12.02% from $172.73 million in the previous quarter. EPS increased 366.67% from $0.03 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.17 to a profit $0.15. For the current year, the average estimate has moved down from a profit of $0.47 to a profit of $0.43 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)