Cypress higher in spite of mixed results, light guidance

Cypress (CY +1.5%) guided on its Q2 CC (webcast) for Q3 revenue of $185M-$191M and EPS of $0.15-$0.17, largely below a consensus of $197.6M and $0.17.

However, in spite of the soft sales outlook and Q2 revenue miss, the chipmaker says it's "on track" to hit its 2014 revenue forecast, due to good industrial/automotive demand.

Meanwhile, Q2 EPS beat estimates with the help of a 370 bps Q/Q and 90 bps Y/Y increase in gross margin to 54%. Book-to-bill was 0.99, something Cypress blames on "a mild, but broad, softening in the consumer electronics sector."

Q2 results, PR

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