Cypress’ 1st-Quarter Sales, Earnings Will Miss Forecasts

Cypress Semiconductor Corp., citing a flurry of order cancellations by customers, warned that its first-quarter revenue and earnings will fall short of estimates. Cypress said revenue for the quarter ended April 1 will be $262 million, a 6% decrease from the previous estimate of $280 million. It now estimates earnings of 23 cents to 26 cents a share, compared with its previous guidance of 30 cents to 34 cents. Analysts surveyed by First Call/Thomson Financial expected 30 cents. The news sent Cypress shares down immediately after trading opened, but the shares later rose 94 cents to close at $16.34 on the New York Stock Exchange. The full earnings report is scheduled to be released April 19.