Cypress Semiconductor (NASDAQ: CY) reported a 1.3% decline in second-quarter revenues to $532.2 million, hurt by the weakness in the automotive industry. The top-line was, meanwhile, slightly better than the analysts’ projection of $530.89 million.
The Microcontroller and Connectivity Division saw its revenues slide 3.9% year-over-year on the industry headwinds, as well as the US-China trade tensions. The smaller Memory Products Division, meanwhile, declined 30.4%.
Earnings fell to $0.25 per share from $0.33 per share a year ago. The street projection for Q2 earnings was pegged at $0.24 per share.
CY shares were modestly up 0.18% following the announcement of the results. The stock is up 83% in the year-to-date period, thanks to its acquisition by German rival Infineon Technologies
Last month, the San Jose, California-based firm 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.
Due to the acquisition, Cypress said it will not hold an earnings conference call and has suspended the practice of providing forward-looking guidance.
On Tuesday, rival Texas Instruments (NASDAQ: TXN) also reported a 9% decline in revenue and 7% fall in earnings in the second quarter, hurt by the weakness in the automotive industry.
Most Popular
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
AVGO Earnings: Broadcom reports higher Q4 FY25 revenue, profit; results beat
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported an increase in revenue and adjusted earnings for the fourth quarter of fiscal 2025. The numbers also surpassed analysts' expectations. Adjusted
Lamb Weston (LW) is set to report Q2 2026 earnings next week, here’s what to look for
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) rose over 1% on Thursday. The stock has gained 4% over the past three months. The French fry giant is slated to
Comments
Comments are closed.