Shawshank, VA 4/19/12 (StreetBeat) -- Cypress Semiconductor Corp.'s (NASDAQ:CY) stock was up more than 10 percent in pre-market trading, after its adjusted earnings exceeded analyst expectations. The company also offered a positive outlook.Its stock opened up more than 12 percent, trading around $16 per share.
"We have the strongest product portfolio in our history, with numerous new revenue drivers across multiple product lines," CEO T.J. Rodgers said in a prepared statement. "We have not only a growing backlog, but a strong design pipeline, which combined with strong operating leverage from increasing revenue will allow us to drive earnings and cash flow."
The San Jose-based company reported a first quarter net loss of $12.4 million, or 8 cents per share, compared to a profit of $55.4 million, or 28 cents a share, in the same period last year.
The company's revenue was $185.1 million, or a decrease of 21 percent.
Excluding options, its net income declined to 12 cents a share from 24 cents in the same period last year.
Analysts were expecting, on average, earnings of 10 cents per share, on revenue of $185.24 million.
Looking forward, the company said it expects to have significant revenue growth in the second quarter and beyond due to its backlog.
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