Cypress (CY) Q2 Earnings And Revenues Surpass Estimates
Zacks Investment Research | Jul 28, 2019 09:54PM ET
Cypress Semiconductor (NASDAQ:CY) reported second-quarter 2019 non-GAAP earnings of 25 cents per share, beating the Zacks Consensus Estimate by a penny. However, the figure was down 7.4% sequentially and 24.2% year over year.
Revenues of $532.2 million surpassed the Zacks Consensus Estimate by 0.07%. The figure was down 1.3% sequentially but up 4.8% year over year. It reflects the adjustment for the NAND business divestiture, which was completed on Apr 1, 2019.
During the quarter, the company experienced strength in most of the end-markets served, namely automotive & legacy.
Top Line in Detail
In Terms of Business Unit: Cypress reports in two organized segments, namely Microcontroller and Connectivity Division, and Memory Products Division.
MCD: This segment generated revenues of $354.2 million (67% of the total revenues), down 3.9% year over year but up 14.1% sequentially.
MPD: The segment generated revenues of $178 million (33% of revenues), down 30.4% year over year and 22.1% on a sequential basis.
Cypress Semiconductor Corporation Price, Consensus and EPS Surprise
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