— Cypress Semiconductor (NASDAQ: CY) reported third-quarter 2019 adjusted earnings of $0.30 per share, down from $0.40 last year. The bottom line came in line with the analysts’ expectations.
— Revenues declined by 9% to $574.5 million versus $571.78 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 0.6% year-over-year decline in revenue on the industry headwinds, as well as the US-China trade tensions. The smaller Memory Products Division, meanwhile, fell 36.9%.
— As announced in June, Infineon Technologies AG agreed to buy Cypress for $23.85 per share in cash, corresponding to an enterprise value of about $10 billion. On October 16, the European Commission cleared the deal without any conditions.
— Due to the pending transaction, Cypress will not hold an earnings conference call and has suspended the practice of providing forward-looking guidance.