Excluding one time items, Cypress Semi (CY) reported earnings in line with what analysts had expected at .30/share but beat analyst revenue estimates of 575 million by reporting revenues of 600 million, good for a 35% increase over the year ago quarter.  On a negative note, the company sees Q4 revenues and earnings decreasing more than the standard seasonal decline.

“Looking ahead, we are very cautious, like most companies, about the macroeconomic environment and consumer spending. While we expect revenue and earnings to decrease in the fourth quarter more than the standard seasonal decline, we remain confident in our long-term strategy to drive programmable and proprietary solutions. We are focused on our cost model and maintain a very solid balance sheet positioned to support continued growth and long-term shareholder value.”

Shares of CY are up about 1% today