SAN FRANCISCOCypress Semiconductor Corp. Thursday (Oct. 15) became the latest chip company to top analyst expectations for the third quarter, reporting sales of $178.7 million for the period.
Cypress (San Jose, Calif.) said third-quarter revenue was up 15 percent compared to the second quarter, but down 20 percent compared to the third quarter of 2008.
In accordance with generally accepted accounting principles (GAAP), Cypress posted a net loss of $19.7 million, or 13 centers per diluted share. The GAAP net loss was narrowed compared to $45.3 million in the second quarter. For the third quarter of 2008, Cypress had a net income of $138 million.
On a non-GAAP basis, excluding charges, Cypress's net income for the third quarter was $19.2 million, or 10 cents per share. This compares with a non-GAAP loss of 3 cents per share in the second quarter and a non-GAAP net income of 15 cents per share in the year-ago quarter, Cypress said.
Consensus analyst expectations had called for Cypress to post third-quarter sales of $174.4 million and a non-GAAP net income of 9 cents per share, according to Yahoo Finance.
Cypress President and CEO T.J. Rodgers said through a statement that the company exceeded the upper end of its guidance range for the third quarter due to strong growth in its Consumer and Computation and Memory and Imaging divisions. Consumer and Computation division revenue grew 26 percent sequentially, led by PSoC and USB products, Rodgers said.
"PSoC revenue benefitted from seasonal strength, new customers and continued strong increases in our touchscreen revenue as initial design wins began to ramp into production," Rodgers said.
A number of semiconductor companies have in recent days reported financials for the calendar third quarter that topped analyst expectations, including Intel Corp. and Xilinx Inc.