Cypress Semiconductor (CY) Reports In-Line Q2 EPS

Cypress Semiconductor (NASDAQ: CY) reported Q2 EPS of $0.12, in-line with the analyst estimate of $0.12. Revenue for the quarter came in at $450.1 million versus the consensus estimate of $455.15 million.

"Second quarter non-GAAP revenue, margin and EPS were in line with guidance," said Thad Trent, Cypress's Chief Financial Officer and a member of the Office of the CEO. "The acquisition of Broadcom's wireless IoT business marks another key milestone in Cypress's evolution and underscores our strategy to invest in high-growth markets. In the third quarter, we expect more than half our revenue will come from markets growing faster than the overall semiconductor industry.

"The expansion of Cypress's leadership position in embedded systems will accelerate our progress towards our target financial model," Trent said. "Best-in-class wireless technology from Broadcom—combined with our standard and programmable microcontrollers, analog ICs and USB connectivity solutions—provides Cypress with a stake in some of the most exciting innovations in the automotive, industrial and IoT markets."

GUIDANCE:

Cypress Semiconductor sees Q3 2016 EPS of $0.12-$0.16, versus the consensus of $0.15. Cypress Semiconductor sees Q3 2016 revenue of $510-540 million, versus the consensus of $475.15 million.

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

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