Spansion (NYSE: CODE) is expected to report Q2 earnings on July 31. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Spansion's revenues will decrease -16.4% and EPS will expand 9.1%.

The average estimate for revenue is $195.0 million. On the bottom line, the average EPS estimate is $0.24.

Revenue details
 Last quarter, Spansion chalked up revenue of $189.6 million. GAAP reported sales were 13% lower than the prior-year quarter's $218.8 million.

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

EPS details
 Last quarter, non-GAAP EPS came in at $0.03. GAAP EPS were -$0.25 for Q1 versus -$0.22 per share for the prior-year quarter.

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

Recent performance
 For the preceding quarter, gross margin was 24.2%, 290 basis points worse than the prior-year quarter. Operating margin was -2.9%, 310 basis points worse than the prior-year quarter. Net margin was -7.6%, 160 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $857.3 million. The average EPS estimate is $0.94.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 24 members out of 27 rating the stock outperform, and three members rating it underperform. Among eight CAPS All-Star picks (recommendations by the highest-ranked CAPS members), eight give Spansion a green thumbs-up, and give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Spansion is outperform, with an average price target of $14.80.

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