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Cypress reports 1Q loss

SAN JOSE, Calif. (AP) _ Cypress Semiconductor Corp. (CY) on Thursday reported a loss of $45.8 million in its first quarter.

The San Jose, California-based company said it had a loss of 14 cents per share. Earnings, adjusted for one-time gains and costs, were 13 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.

The chipmaker posted revenue of $531.9 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $510.9 million.

For the current quarter ending in July, Cypress expects its per-share earnings to range from 14 cents to 18 cents.

The company said it expects revenue in the range of $530 million to $560 million for the fiscal second quarter.

Cypress shares have risen 26 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $14.40, a rise of 59 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


Keywords: Cypress Semiconductor, Earnings Report