- Cypress Semiconductor (NASDAQ:CY) is up 2.6% after hours and again nearing today's two-year high after posting Q2 earnings where it beat expectations solidly on top and bottom lines.
- Revenue grew 11.6% from Q1 and 30% Y/Y to a record $593.78M. “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,” says CEO Hassane El-Khoury.
- Net income rose 63% from Q1, meanwhile, to $74.7M. Non-GAAP margins increased to 40.9% from 39.3%.
- Revenue by business unit: MCD, $360.5M; MPD, $233.2M.
- Revenue mix by geography: Japan, 21%; Europe, 12%; Americas, 12%; China and rest of world, 55%. By channel: Distribution, 74%; Direct, 26%.
- For Q3, it's guiding to revenues of $585M-$615M (above consensus for $576M) and non-GAAP EPS of $0.21-$0.25 (vs. consensus for $0.21), with a margin of 41-42%.
- Press Release
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