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Cypress warns about 2Q
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June 4, 2001: 1:00 p.m. ET
Semiconductor maker sees revenue falling about 30% from year ago
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NEW YORK (CNNfn) - Cypress Semiconductor Corp. warned Monday that its second-quarter earnings will miss Wall Street estimates as lingering weakness in semiconductor demand continues to cut into revenue.
The San Jose, Calif.-based chipmaker said it expects its results per share to be between breakeven and 2 cents. Wall Street analysts expected the company to earn 3 cents a share, according to earnings tracker First Call. The company earned 50 cents a share a year ago.
"Business conditions have not materially improved in the market segments that we serve," Cypress CEO T.J. Rodgers said.
Cypress said its quarterly revenue likely will be between $175 million and $185 million, compared with $262 million in the year-earlier period, a drop of between 29 percent and 33 percent.
Shares of Cypress (CY: up $0.56 to $22.16, Research, Estimates) were slightly higher in early afternoon trade Monday following the announcement.
In recent months, scores of chipmakers have ratcheted down their quarterly sales and earnings targets as they faced deteriorating end-market demand and slowing order rates.
"Cypress's revenue has literally been cut in half over the last six months," Rodgers said. "Our near-term goal is to endure this severe decline without losing any money."
Cypress already had warned about second-quarter results, saying on Apr. 19 it expected a revenue drop between 20 percent and 24 percent and earnings below Wall Street expectations of 8 cents a share. 
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Cypress Semiconductor
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