- 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 | ||||||
- See “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables (“Non-GAAP Results” tables) included below.
BUSINESS REVIEW
