Cypress Semi. cuts earnings, revenue projections
Too many orders being cancelled
Cypress Semiconductor has been dragged into the market doldrums: order cancellations have hit the chip maker hard, forcing it to re-estimate its earnings and revenue projections for the just-completed first quarter.
So, for the first three months of Cypress' financial year, revenue will come in at around $262 million, down just over six per cent on its previous prediction, $280 million.
Earnings before goodwill will be 23-26 cents a share, the company said today, down from 30-34 cents a share.
The dip is due to order cancellations - which countered almost every booking the company made - and the depressed state of the market.
Q2, which kicked off on 1 April, won't be any better, Cypress said. It expects earnings before goodwill to be a single-digit figure, with revenues down to $200-210 million.
Last quarter, Cypress posted earnings before goodwill of 74 cents a share on revenues of $370 million. Profits totalled $134.7 million. ®