Cypress Semiconductor Corporation (NASDAQ: CY) reported stronger-than-expected results for its fourth quarter.
The San Jose-based Cypress, a leader in embedded solutions, today announced record fiscal year revenue of $2.48 billion representing 6.7% year-over-year growth. Automotive fiscal year revenue grew 13% year-over-year
Fourth-quarter revenue was $604.5 million and GAAP margins were 37.3%, and non-GAAP gross margins were 47.8%. Fourth-quarter GAAP and non-GAAP diluted EPS was 72 cents, while non-GAAP were 35 cents.
Fiscal-year 2018 cash from operations of $471.7 million increased 16.9% year-over-year
To quote CEO Hassane El-Khoury, "Our disciplined execution in 2018 resulted in record fiscal year revenue, the achievement of our 2018 gross margin improvement plans that we committed to at our 2017 Analyst Day event, and EPS that grew significantly faster than revenue demonstrating the powerful leverage in our business model,
"While the current demand environment remains somewhat uncertain, we are focused on what we can control and we will continue disciplined investments that will drive many of today’s megatrends in the automotive, industrial and IoT markets."
During the fourth quarter, Cypress expanded its connect and compute portfolio for consumer Internet of Things (IoT) and automotive applications and strengthened its software offerings.
Highlights included addressing the growing need for IoT edge processing with the addition of a new microcontroller (MCU) product to its ultra-low-power and secure PSoC 6 family. The new PSoC 6 MCU includes expanded embedded memory to support compute-intensive algorithms, connectivity stacks and data logging.
Shares in Cypress hiked $1.05, or 7.6%, to $14.92
Tech Insider
