• Revenue of $593.8 million was up 11.6% sequentially and exceeded guidance
• GAAP and non-GAAP margin were 39.8% and 40.9%, respectively
• GAAP and non-GAAP diluted EPS increased 50% and 62% sequentially, respectively
• Achieved record revenue for automotive, IoT wireless connectivity and USB-C solutions

SAN JOSE, Calif. — (BUSINESS WIRE) — July 27, 2017 — Cypress Semiconductor Corporation (NASDAQ: CY) today announced its second quarter 2017 results.

“Cypress set another revenue record in the second quarter, supported by record revenue in each of our three key growth vectors: automotive, IoT wireless connectivity and USB-C,” said Hassane El-Khoury, Cypress president and chief executive officer. “We remain laser-focused on driving revenue and earnings growth by investing in high-growth end-markets, expanding gross margins and broadening our customer base.

“It’s now been a year since we embarked upon our Cypress 3.0 strategy, focused on selling embedded solutions into markets that are growing faster than the overall semiconductor industry,” El-Khoury continued. “Our team has continued its strong execution of this strategy. It has been well-received by our customers, partners and employees, and it has begun to generate consistent growth in our top and bottom lines. This is a very exciting time for Cypress.”

Revenue and earnings for the quarter are given below, compared with those of the prior quarter:

1. See “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” tables (“Non-GAAP Results” tables) included below.

BUSINESS REVIEW