Cypress Semiconductor (Nasdaq: CY) reported earnings on April 19. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended April 1 (Q1), Cypress Semiconductor met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped significantly and GAAP earnings per share shrank to a loss.

Margins dropped across the board.

Revenue details
Cypress Semiconductor reported revenue of $185.1 million. The 17 analysts polled by S&P Capital IQ expected to see revenue of $185.2 million on the same basis. GAAP reported sales were 21% lower than the prior-year quarter's $233.1 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Non-GAAP EPS came in at $0.12. The 15 earnings estimates compiled by S&P Capital IQ anticipated $0.10 per share on the same basis. GAAP EPS were -$0.08 for Q1, compared to $0.28 per share for the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 53.4%, 180 basis points worse than the prior-year quarter. Operating margin was -5.6%, 1,480 basis points worse than the prior-year quarter. Net margin was -6.7%, 3,040 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $204.0 million. On the bottom line, the average EPS estimate is $0.16.

Next year's average estimate for revenue is $861.7 million. The average EPS estimate is $0.83.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 1,016 members rating the stock outperform and 39 members rating it underperform. Among 246 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 238 give Cypress Semiconductor a green thumbs-up, and eight give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Cypress Semiconductor is outperform, with an average price target of $18.97.

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