SAN JOSE, Calif. (AP) -- Chipmaker Cypress Semiconductor Corp. lowered its first-quarter guidance on Tuesday citing a recent decrease in orders, mostly among handset and wireline phone customers.
Cypress now expects revenue of $180 million to $190 million for the first quarter. In January, the company forecast revenue of $200 million to $210 million for the quarter that began that month.
The company expects earnings of 8 cents to 11 cents per share for the quarter.
Analysts, on average, are expecting earnings of 16 cents per share on revenue of $205.6 million, according to FactSet.
Cypress said its bookings stabilized in January and sought to reassure investors, saying the past six weeks have brought improvements.
"We continue to believe that (the current quarter) will be the bottom for revenue and bookings, and at this point expect (second-quarter) revenue to grow sequentially," Brad Buss, executive vice president of finance and chief financial officer, said in a statement.
Shares of Cypress fell 7 cents after hours following the statement. They had ended regular trading down 58 cents at $16.01. They've traded between $13.67 and $23.95 the past year.
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