Cypress Semiconductor posts bigger 1Q loss

Cypress Semiconductor 1st-quarter loss grows, results beat Wall Street expectations

Associated Press

SAN JOSE, Calif. (AP) -- Chip maker Cypress Semiconductor Corp. reported a wider first-quarter loss on Thursday as revenue fell. The results beat Wall Street's expectations.

The company posted a net loss of or $28.2 million, or 19 cents per share, in the January-March period. That compares with a loss of $19.5 million, or 13 cents per share, in the same period a year earlier. Adjusted earnings were 3 cents per share in the latest quarter, down from 12 cents per share a year earlier.

Revenue fell 7 percent to $172.7 million.

Analysts, on average, expected adjusted earnings of a penny per share on revenue of $167.8 million, according to FactSet.

The company expects revenue of $355 million to $375 million in the second quarter.

Shares of the San Jose, Calif.-based Cypress fell 81 cents, or 7.4 percent, to $10.15 in midday trading. The stock has traded in the 52-week range of $8.70 and $17.41.

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