UPDATE: Cypress Semi (CY) Cuts Q1 EPS, Revs Outlook

(Updated - March 6, 2012 4:08 PM EST)

Cypress Semi (Nasdaq: CY) issued a guidance update for first-quarter 2012.

From the release:

• See revs of $180 - $190 million, versus $205.9 million consensus; and
  
  
• EPS of 8 - 11 cents, versus consensus of 17 cents.

CFO Brad Buss commented, "We have recently seen some order decreases, mostly in certain wire line and handset customers. In addition we are seeing weaker than expected revenues from our distribution channel, mainly due to lower turns business in Europe and Asia...Customer backlog and bookings stabilized in January and we have seen improvements for the last six weeks. We continue to believe that Q1 will be the bottom for revenue and bookings, and at this point expect Q2 revenue to grow sequentially."

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