Cypress Semiconductor Q1 Loss Sharply Widens - Quick Facts

(RTTNews) - Cypress Semiconductor Corp. (CY) reported that first-quarter net loss to company sharply widened to $229.79 million or $1.17 per share from $7.93 million or $0.05 per share in the prior-year quarter.

Excluding items, adjusted net loss attributable to Cypress was $87.86 million or $0.45 per share, compared to adjusted net income of $11.98 million or $0.07 per share in the year-ago quarter.

On average, six analysts polled by Thomson Reuters expected the company to report earnings of $0.08 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter increased to $209.14 million from $170.28 million in the same quarter last year. Analysts expected revenue of $216.16 million for the quarter.

Revenues included 18 days of Spansion results. Revenue of $173.9 million for existing Cypress business was in line with guidance.

In the quarter, Cypress and Spansion closed their merger in an all-stock, tax-free transaction valued at about $5 billion.