Correction: Earns-Cypress Semiconductor story
Oct. 31, 2016
SAN JOSE, Calif. (AP) — In a story Oct. 27 about third-quarter earnings from Cypress Semiconductor, The Associated Press, based on information provided by Zacks Investment Research, reported erroneously that the company missed analyst expectations for revenue. The company exceeded expectations.
A corrected version of the story is below:
Cypress tops 3Q profit forecasts
Cypress Semiconductor beats 3Q net income and revenue expectations
SAN JOSE, Calif. (AP) — Cypress Semiconductor Corp. (CY) on Thursday reported third-quarter profit of $9.4 million.
The San Jose, California-based company said it had profit of 3 cents per share. Earnings, adjusted for one-time gains and costs, were 15 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.
The chipmaker posted adjusted revenue of $530.1 million. Six analysts surveyed by Zacks expected $525 million.
For the current quarter ending in December, Cypress expects its per-share earnings to range from 12 cents to 16 cents.
The company said it expects revenue in the range of $510 million to $540 million for the fiscal fourth quarter.
Cypress shares have climbed roughly 5 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $10.26, a rise of 3 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