Cypress Semiconductor Corp. shares jumped +8% on Friday, following the company’s earnings report release post-market close on Thursday.
The semiconductor company reported adjusted earnings of 35 cents a share for the fourth quarter, beating Zacks Consensus Estimate by 2 cents. The per-share earnings were higher by 7 cents from the year-ago period.
Fourth-quarter revenue was nearly $604.5 million.
For the full year, Cypress raked in adjusted earnings of $1.36 per share, compared to 2017’s 89 cents per share. The company’s revenue for the full year climbed +7% from the previous year, to touch $2.5 billion.
The company’s projections for 2019 include first-quarter revenue in the range of $520 million and $550 million, and adjusted earnings of 22 cents per share for the period.
Cypress' CEO Hassane El-Khoury indicated that the company would continue to focus on the following markets: Internet of Things (Internet-connected devices), automotive and industrial.