— Cypress Semiconductor (NASDAQ: CY) reported fourth-quarter 2019 adjusted earnings of $0.28 per share, down from $0.35 last year. The bottom line missed the analysts’ expectations of $0.29 per share.
— Revenues declined by 7% to $559.57 million versus $563.81 million expected. This was hurt by the divestiture of its NAND business, which was completed on April 1, 2019.
— The Microcontroller and Connectivity Division saw a 13% year-over-year jump in revenue despite the industry headwinds, as well as the US-China trade tensions. The smaller Memory Products Division, meanwhile, fell 36.4%.
— The company continues to see strong adoption of its connect and compute products across the automotive and Internet of Things end-markets, which drove Microcontroller and Connectivity Division revenue in fiscal 2019 in a challenging environment.
— As announced in June 2019, Infineon Technologies AG agreed to buy Cypress for $23.85 per share in cash, corresponding to an enterprise value of about $10 billion. The deal has received antitrust clearances from authorities in the US, the European Union, The Philippines, Taiwan, South Korea, and Japan.
— Due to the pending transaction, Cypress will not hold an earnings conference call and has suspended the practice of providing forward-looking guidance.
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