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

The 10-second takeaway
 For the quarter ended July 1 (Q2), Cypress Semiconductor met expectations on revenues and met expectations on earnings per share.

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

Margins dropped across the board.

Revenue details
 Cypress Semiconductor logged revenue of $201.3 million. The 17 analysts polled by S&P Capital IQ hoped for net sales of $204.2 million on the same basis. GAAP reported sales were 21% lower than the prior-year quarter's $255.0 million.

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

EPS details
 EPS came in at $0.18. The 14 earnings estimates compiled by S&P Capital IQ forecast $0.18 per share. GAAP EPS of $0.03 for Q2 were 86% lower than the prior-year quarter's $0.21 per share.

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 53.0%, 150 basis points worse than the prior-year quarter. Operating margin was 3.0%, 890 basis points worse than the prior-year quarter. Net margin was 2.5%, 1,340 basis points worse than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $202.2 million. On the bottom line, the average EPS estimate is $0.25.

Next year's average estimate for revenue is $794.1 million. The average EPS estimate is $0.82.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 1,011 members out of 1,054 rating the stock outperform, and 45 members rating it underperform. Among 194 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 182 give Cypress Semiconductor a green thumbs-up, and 12 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 $18.17.

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