SAN JOSE, Calif. (AP) — Shares of Cypress Semiconductor Corp. rose Thursday after the chip maker said its second-quarter net income fell 24 percent, but still easily beat Wall Street predictions.
President and CEO T.J. Rodgers said in a statement that the results were helped by strong demand for its touch screen technologies.
The San Jose, Calif.-based Cypress earned $3.8 million, or 2 cents per share, down from $5 million, or 3 cents per share, in the same quarter of 2012.
Excluding one-time items, the company said it posted an adjusted profit of 14 cents per share for the recent quarter.
Revenue fell 4 percent to $193.5 million from $201.3 million.
Analysts, on average, expected a profit of 7 cents per share on $182.8 million in revenue, according to FactSet.
In afternoon trading, Cypress shares rose 81 cents, or 6.8 percent, to $12.73 after peaking at $13.23 earlier and nearly reaching its 52-week high of $13.41.
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