Cypress Reports Second Quarter 2017 Results

  • Revenue of $593.8 million was up 11.6% sequentially and exceeded guidance
  • GAAP and non-GAAP margin were 39.8% and 40.9%, respectively
  • GAAP and non-GAAP diluted EPS increased 50% and 62% sequentially, respectively
  • Achieved record revenue for automotive, IoT wireless connectivity and USB-C solutions

SAN JOSE, Calif. — (BUSINESS WIRE) — July 27, 2017 — Cypress Semiconductor Corporation (NASDAQ: CY) today announced its second quarter 2017 results.

“Cypress set another revenue record in the second quarter, supported by record revenue in each of our three key growth vectors: automotive, IoT wireless connectivity and USB-C,” said Hassane El-Khoury, Cypress president and chief executive officer. “We remain laser-focused on driving revenue and earnings growth by investing in high-growth end-markets, expanding gross margins and broadening our customer base.

“It’s now been a year since we embarked upon our Cypress 3.0 strategy, focused on selling embedded solutions into markets that are growing faster than the overall semiconductor industry,” El-Khoury continued. “Our team has continued its strong execution of this strategy. It has been well-received by our customers, partners and employees, and it has begun to generate consistent growth in our top and bottom lines. This is a very exciting time for Cypress.”

Revenue and earnings for the quarter are given below, compared with those of the prior quarter:

(In thousands, except per-share data)

   
GAAP NON-GAAP1
Q2 2017   Q1 2017 Q2 2017   Q1 2017
Revenue $ 593,776 $ 531,874 $ 593,776 $ 531,874
Margin 39.8 % 37.4 % 40.9 % 39.3 %
Pretax profit margin (3.1 )% (7.7 )% 13.1 % 9.2 %
Net income (loss) $ (22,904 ) $ (45,782 ) $ 74,703 $ 45,887
Diluted EPS (loss) $ (0.07 ) $ (0.14 ) $ 0.21 $ 0.13
 
  1. See “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables (“Non-GAAP Results” tables) included below.

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