Cypress Semiconductor (NASDAQ: CY) is slated to report second-quarter financial results after the closing bell on July 25, Thursday. The stock has been pretty rewarding for investors this year, gaining 75%, thanks to its acquisition by German rival Infineon Technologies.
The company is expected to report a 15% fall in revenues to $530.89 million in Q2, hurt by the weakness in the automotive industry. This, combined with the uncertainty relating to the US-China relations, could weigh on its Microcontroller and Connectivity Division (MCD) during the quarter.
Meanwhile, the smaller segment, Memory Products Division (MPD) is likely to see continued momentum on the improving demand for its products, thanks to the robust developmental activity in the 5G space.
Earnings are expected to be $0.24 per share, compared to $0.33 per share it reported last year. It may be noted that the San Jose, California-based firm has surpassed earnings estimates in all four of the trailing quarters.
Last month, Cypress said it would be acquired by semiconductor solutions firm Infineon Technologies for an enterprise value of €9 billion. The deal, which represented a 46% premium to Cypress’s then trading price, was well received by the street.
The transaction would be closed sometime later this year or early next year, meaning this could be the penultimate or final quarterly results.
The stock is currently trading near its 12-month average price target. CY has an average HOLD rating, based on data from 11 analysts compiled by TipRanks.
Tyson Foods Inc. (NYSE: TSN) reported first quarter 2023 earnings results today. Sales rose 2.5% year-over-year to $13.2 billion. Net income attributable to Tyson was $316 million, or $0.88 per
Apple Inc. (NASDAQ: AAPL) this week reported its first revenue decline in more than three years, even as the high inflation continues to squeeze customers’ spending power. Sales of the
Chipmaker Qualcomm, Inc. (NASDAQ: QCOM) has reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for the second quarter of 2023. At $9.5