Cypress Semiconductor Set For Strong 2016 Following Solid Third-Quarter Results
Cypress Semiconductor reported third-quarter results that were in line with our expectations. This was the first quarter with results from the acquired Internet of Things, or IoT, business from Broadcom, which accounted for 12% of revenue, exceeding guidance. In addition to IoT, we view the firm’s opportunity in the automotive space as most favorable, with the latter segment growing 25% year over year to a record level. The shares tracked higher during after-hours trading, and are currently slig...Cypress Semiconductor manufactures and sells embedded system solutions for automotive, industrial, consumer and enterprise end markets. The company operates under two reportable business segments: Microcontroller and Connectivity Division, which focuses on connect and compute solutions for the Internet of Things and automotive solutions that improve the in-cabin user experience, as well as the company's intellectual property business; and Memory Products Division, which focuses on fail-safe storage and datalogging solutions for mission critical applications, as well as the company's nonvolatile DIMM subsidiary AgigA Tech Inc.
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