SAN FRANCISCOCypress Semiconductor Corp. said Thursday that second quarter revenue was up 12 percent sequentially, and President and CEO T.J. Rodgers said company management is "cautiously optimistic" on the pace of the chip industry recovery.
Cypress (San Jose, Calif.) posted second quarter revenue of $155.8 million, up from $139.3 million in the first quarter. Revenue was down 26 percent compared to $209.6 million in the second quarter of 2008.
Cypress posted a net loss in accordance with generally accepted accounting principles of $45.3 million, or 32 cents per share, an improvement compared to a GAAP net loss of $88.3 million, or 66 cents per share, posted in the first quarter. The company posted a GAAP net income of $16.7 million, or 10 cents per share, in the year-ago quarter.
On a non-GAAP basis, excluding charges, Cypress posted a second quarter net loss of $3.8 million, or 3 cents per share, compared to a non-GAAP net loss of $29.5 million, or 22 cents per share, in the prior quarter. In the second quarter of 2008 Cypress posted a non-GAAP net income of $19.1 million, or 12 cents per share.
Second quarter revenue and earnings exceeded consensus analyst expectations, which called for revenue of $152.5 million and a non-GAAP loss of 9 cents per share.
"The macro environment seems to have stabilized but longer term visibility continues to remain limited and we remain cautiously optimistic on the pace of the economic recovery," Rodgers said in a statement.
Rodgers said Cypress's CCD and DCD divisions reported better-than-expected Q2 revenue. Sequential revenue growth in the second quarter was driven by the company's programmable products, Rodgers said.
Rodgers said Cypress ended the second quarter with a book-to-bill ratio of 1.28, with all divisions above parity.
The company decreased its inventory by 10 percent compared to the first quarter, he said. Cypress's second quarter backlog grew 51 percent sequentially to reach $184 million, Rodgers said.
Cypress is projecting "above-average seasonal revenue growth" in the third quarter, Rodgers said.