Thursday, Cypress Semiconductor Corp. (CY), reported a slip to a loss in the third quarter, hurt by a 20% drop in revenues. Cypress said while it is unpredictable to as to where the macro economy would go, it foresees more positive signs of end-market stability and continued low overall supply chain inventories.
For the third quarter, the San Jose, California-based company reported a net loss of $19.65 million or $0.13 per share, compared to net earnings of $138.0 million or $0.86 per share last year.
Loss from continuing operations for the quarter was $19.65 million or $0.13 per share, compared to income from continuing operations of $127.15 million or $0.79 per share in the same quarter last year.
Net income, excluding one-time items for the quarter declined to $19.25 million or $0.10 per share from $24.83 million or $0.15 per share in the year-ago quarter. Adjusted results exclude stock-based compensation, acquisition-related charges, restructuring and other special charges and credits.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.06 per share for the quarter. Analysts' estimate typically exclude one-time charges and gains.
Quarterly revenues dropped significantly to $178.72 million from $222.68 million in the year-ago quarter. Analysts expected revenues of $174.38 million for the quarter.
Total operating expenses for the quarter were $103.95 million, down from $132.76 million in the prior-year quarter.
Cypress Semiconductor indicated that lead times have not increased and customer ordering patterns continue to remain fairly short, however, it was encouraged that customers are providing increased backlog visibility. The company noted that it continues to achieve significant proprietary product design win, especially with its TrueTouch touchscreen products.
CY is currently trading at $10.16, down $0.12 or 1.17%, on a volume of 1.04 million shares on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.