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What: Shares of Cypress Semiconductor (NYSE: CY) popped today by as much as 22% before giving up half of those gains after the company reported first-quarter earnings.

So what: Revenue fell 21% to $185.1 million, with adjusted earnings per share of $0.12. That top line was in line with what analysts were expecting, while the bottom line came out a couple of cents ahead of the consensus estimate.

Now what: Investors were really cheering about the guidance, though, with second-quarter sales expected to be between $200 million and $207 million, with earnings of $0.17 to $0.20 per share. Those figures look awfully nice compared with the $204 million and $0.16-per-share expectations. On top of that, the company boosted its dividend to $0.11 per share and repurchased 6.1 million shares during the quarter.

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Fool contributor Evan Niu owns shares of Cypress Semiconductor, but he holds no other position in any company mentioned. Check out his holdings and a short bio Motley Fool newsletter services have recommended buying shares of Cypress Semiconductor. The Motley Fool has a disclosure policy. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.