Cypress Semiconductor (Nasdaq: CY) is expected to report Q2 earnings on July 18. 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 Cypress Semiconductor's revenues will wane -9.1% and EPS will wither -61.1%.

The average estimate for revenue is $182.9 million. On the bottom line, the average EPS estimate is $0.07.

Revenue details
Last quarter, Cypress Semiconductor reported revenue of $172.7 million. GAAP reported sales were 6.7% lower than the prior-year quarter's $185.1 million.

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

EPS details
Last quarter, non-GAAP EPS came in at $0.03. GAAP EPS were -$0.19 for Q1 compared to -$0.13 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 48.3%, 130 basis points worse than the prior-year quarter. Operating margin was -6.4%, 300 basis points better than the prior-year quarter. Net margin was -16.3%, 580 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $765.0 million. The average EPS estimate is $0.42.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 979 members out of 1,022 rating the stock outperform, and 43 members rating it underperform. Among 200 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 190 give Cypress Semiconductor a green thumbs-up, and 10 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 $11.53.

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