Cypress posts 2Q loss, but tops estimates

SAN JOSE, Calif. (AP) — Chip maker Cypress Semiconductor Corp. reported a $45.3 million loss for the second quarter, but its loss excluding one-time items beat analysts' estimates and revenue fell less than expected.

The company said it lost 32 cents per share in the three months ended June 28. That compares to a profit of $16.7 million, or 10 cents per share, a year earlier.

Excluding stock-based compensation, acquisition-related costs, restructuring and other one-time items, Cypress would have lost 3 cents per share.

Sales dropped 26 percent to $155.8 million from $209.6 million a year ago. Cypress said its programmable chips and products for the handset market drove revenue.

Analysts polled by Thomson Reuters, who typically exclude special items, expected a larger loss of 9 cents per share on lower sales of $152.5 million.

Its shares slipped 13 cents to $9.53 in morning trading.