Cypress Semiconductor (CY) Tops Q1 EPS by 3c

Cypress Semiconductor (NASDAQ: CY) reported Q1 EPS of $0.27, $0.03 better than the analyst estimate of $0.24. Revenue for the quarter came in at $539 million versus the consensus estimate of $535.16 million.

"We delivered a solid first quarter with revenue, gross margin, and diluted EPS meeting or exceeding our guidance," said Hassane El-Khoury, Cypress’ president and chief executive officer. "Despite uncertain market conditions, Cypress’ world-class connect and compute solutions continue to gain strong momentum. Overall design activity increased 15%, led by Automotive and IoT, and in particular we saw strength in automotive platform wins for our new Traveo-II MCU during the quarter. With our focus on these high-growth markets, we remain committed to our Cypress 3.0 strategy while continuing to execute to our long-term financial model."

GUIDANCE:

Cypress Semiconductor sees Q2 2019 EPS of $0.22-$0.26, versus the consensus of $0.24. Cypress Semiconductor sees Q2 2019 revenue of $515-545 million, versus the consensus of $528.12 million.

For earnings history and earnings-related data on Cypress Semiconductor (CY) click here.

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