With Broadcom's IoT Business In Tow, Cypress Looks to Drive Forward Growth Via Automotive Business
Cypress Semiconductor reported second-quarter results that were in line with our expectations. The firm recently closed its acquisition of Broadcom’s wireless Internet of Things, or IoT, business that served to bolster forward guidance. We remain positive on the firm’s opportunity in the automotive space, as the legacy Cypress automotive business (pre-Spansion merger) has grown 47% year over year. Shares were up modestly in after-hours trading, and are currently slightly below our unchanged fair...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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