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Cypress: 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Cypress Semiconductor Corp. (CY) on Thursday reported first-quarter net income of $9.1 million, after reporting a loss in the same period a year earlier.

The San Jose, California-based company said it had profit of 2 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, were 27 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The chipmaker posted revenue of $582.2 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $580.5 million.

For the current quarter ending in July, Cypress expects its per-share earnings to range from 27 cents to 31 cents.

The company said it expects revenue in the range of $630 million for the fiscal second quarter.

Cypress shares have climbed 6 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $16.17, a climb of 16 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CY at https://www.zacks.com/ap/CY