Cypress Semiconductor reports a profit, shares up

April 18 Thu Apr 18, 2013 8:20am EDT

April 18 (Reuters) - Chipmaker Cypress Semiconductor Corp reported a higher-than-expected adjusted profit for the first quarter, sending its shares up 4 percent in premarket trading.

The company reported a profit of 3 cents per share, excluding one-time items.

Analysts were expecting earnings of 1 cent per share, according to Thomson Reuters I/B/E/S.

Revenue fell 7 percent to $172.7 million, but were ahead of the $167.5 million analysts were expecting.

Cypress had a net loss of $28.2 million, or 19 cents per share, during the quarter, compared with a net loss of $19.5 million or 13 cents per share, a year earlier.

Cypress' touch sensing microcontrollers are used in mobile phones and tablets. The company counts Samsung Electronics Co as one of its biggest end customers.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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