SAN JOSE, Calif. — (BUSINESS WIRE) — July 26, 2018 — Cypress Semiconductor Corporation (NASDAQ: CY), a leader in embedded solutions, today announced its second quarter 2018 results with the following highlights:
- Record revenue of $624.1 million, a 7.2% increase sequentially
- GAAP and non-GAAP gross margins were 37.5% and 46.3%, respectively, and represent a 500 bps and 540 bps increase year over year
- GAAP and non-GAAP diluted EPS were 7 and 33 cents respectively
- MCD revenue increased 9.4% sequentially driven by strength in microcontrollers and wireless connectivity
“The team is executing well and has delivered record revenue this quarter as Cypress continues to gain share in our high-growth markets of Automotive, Industrial and Consumer,” said Hassane El-Khoury, Cypress’ president and chief executive officer. “Our platform of Connect, Compute and Store solutions gives developers everything they need to create winning IoT products quickly and easily.”
Revenue and earnings for the quarter are shown below with comparable periods:
(In thousands, except per-share data)
| GAAP1 | NON-GAAP2 | |||||||||||||||||||||||||||||
| Q2 2018 | Q1 2018 | Q2 2017 | Q2 2018 | Q1 2018 | Q2 2017 | |||||||||||||||||||||||||
| Revenue | $ | 624,090 | $ | 582,241 | $ | 593,776 | $ | 624,090 | $ | 582,241 | $ | 593,776 | ||||||||||||||||||
| Gross margin | 37.5 | % | 36.5 | % | 32.5 | % | 46.3 | % | 45.9 | % | 40.9 | % | ||||||||||||||||||
| Operating margin | 8.1 | % | 6.1 | % | 1.5 | % | 22.3 | % | 19.5 | % | 15.4 | % | ||||||||||||||||||
| Net income (loss) | $ | 27,706 | $ | 9,078 | $ | (16,920 | ) | $ | 124,964 | $ | 100,296 | $ | 74,704 | |||||||||||||||||
| Diluted EPS (loss) | $ | 0.07 | $ | 0.02 | $ | (0.05 | ) | $ | 0.33 | $ | 0.27 | $ | 0.21 | |||||||||||||||||
