Cypress posts lower 3Q profit, revenue

SAN JOSE, Calif. -- Microchip maker Cypress Semiconductor Corp.'s third-quarter net income fell 64 percent as revenue dropped, but called the results a "good quarter in tough times."

The company said Thursday that it earned $14.3 million, or 9 cents per share, in the July-September period. That's down from $40 million, or 22 cents per share, in the same period a year earlier.

Adjusted earnings were 20 cents per share in the latest quarter, matching Wall Street's expectations.

Revenue fell 23 percent to $203 million from $264.7 million.

Analysts, on average, were expecting revenue of $202.1 million, according to a poll by FactSet.

Economic worries, which are now affecting China, have "driven our distributors and customers to lower bookings across all geographies and end markets," said CEO T.J. Rodgers in a statement.

Shares fell 25 cents, or 2.3 percent, to $10.72 in morning trading. The stock has traded in the 52-week range of $9.87 and $20.50.