AP NEWS

Cypress: 4Q Earnings Snapshot

January 31, 2019

SAN JOSE, Calif. (AP) _ Cypress Semiconductor Corp. (CY) on Thursday reported fourth-quarter net income of $267.1 million, after reporting a loss in the same period a year earlier.

The San Jose, California-based company said it had profit of 72 cents per share. Earnings, adjusted for non-recurring gains, were 35 cents per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The chipmaker posted revenue of $604.5 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $598.7 million.

For the year, the company reported net income of $354.6 million, or 95 cents per share, swinging to a profit in the period. Revenue was reported as $2.48 billion.

Cypress shares have climbed 9 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $13.87, a decline of 20 percent in the last 12 months.

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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

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