Cypress sees gains from IoT

Cypress Semiconductor posted Q3 revenue of $604.6 million, up from $593.8 million a year earlier. Net income was $11 million, or $0.03 EPS, compared to a net loss of $23 million a year earlier. Margin was 41.8%.

“We continue to strengthen our position as the Internet of Things (IoT) leader with our state-of-the-art IoT connectivity solutions, flexible microcontrollers and high-performance memories,” said Hassane El-Khoury, Cypress president and chief executive officer.

“After a strong second quarter, we continued to deliver record revenue with strength across our key markets,” El-Khoury continued. “These results demonstrate we are delivering on our Cypress 3.0 strategy of selling embedded solutions into markets growing faster than the overall semiconductor industry. Our customers are relying on us for more bill-of-material coverage, with approximately 80% of our revenue generated by customers buying more than one product family across connectivity, microcontrollers and memory.”

• During the quarter, Cypress introduced a 28nm, ultra-low power Wi-Fi and Bluetooth combo solution for wearables, smart home products and portable audio applications. The new device cuts power consumption up to 70 percent in receive mode and up to 80 percent in sleep mode when compared to current solutions.