Cypress Semiconductor reports a profit, shares up
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.