Categories Earnings, Technology

Cypress Semiconductor (NASDAQ: CY): Q4 2019 Earnings Snapshot

— 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.

Earnings Update by AlphaStreet

— 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.

We’re on Flipboard! Follow us to receive the latest stock market, earnings, and financial news at your fingertips

Also Read:  Ciena (CIEN) tops Q3 2020 estimates, expects COVID-19 related revenue disruption

Most Popular

COVID-19 drove retailers up the digital path years ahead than anticipated

Earlier we looked into how, during the COVID-19 pandemic, retailers saw changing trends in terms of their assortments and how the acceleration of online shopping led many of them to

Snowflake (SNOW) creates a record as the most successful software IPO ever; stock more than doubles

Data is at the heart of business innovation. Recognizing this trend, companies are seeking ways to transform their businesses by capturing, analyzing, and mobilizing data. The public cloud is becoming

Adobe (ADBE) sees new tailwinds as virtual shift gathers steam

The second half has been highly rewarding for design software maker Adobe Inc. (NASDAQ: ADBE) amid stable demand for digital content solutions. The company has remained unaffected by the virus-related

Top