Cypress Raises Q1 Guidance, Announce Executive Changes
Shares of Cypress (NASDAQ: CY) were up 2.4 percent in Wednesday's after-hours trading to $10.59 after the company reported better-than-expected first quarter guidance.
The company expects first quarter revenue to be in the $169-171 million range, which exceeds the higher end of the previously guided range ($161-168 million).
Chief Executive Officer T.J. Rodgers believes the company has “a solid design win pipeline that will feed revenue growth through the second quarter of 2014.”
Cypress also announced Brad Buss, Executive Vice President and Chief Financial Officer is retiring after eight years with the company. Thad Trent, the current VP of Finance will take over Buss' roles.
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