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Cypress Shares its Third Quarter 2019 Results

Cypress Semiconductor Corporation has recently announced its third quarter 2019 results.

“Cypress had a solid third quarter with strong demand in our MCD division, where revenue was up 16% sequentially driven by IoT growth, particularly in our wireless, USB-C, and PSoC product families,” said Hassane El-Khoury, Cypress’ President and chief executive officer.

Cypress LogoHe added, “Our 3.0 strategy remains on track as we deliver consistently strong operating margins, even in a soft market environment.”

On October 16, 2019, the European Commission cleared the proposed acquisition of Cypress by Infineon Technologies AG (“Infineon”) without any conditions. The proposed transaction previously received antitrust clearances in the Philippines and South Korea.

As announced on June 3, 2019, Infineon and Cypress have entered into an agreement and plan of merger providing for Infineon to acquire its $23.85 per share in cash, corresponding to an enterprise value of approximately $10 billion.

The combination of our highly-complementary product portfolios opens up great potential in the high-growth areas of automotive and IoT. Due to the pending transaction, Cypress will not hold an earnings conference call and has suspended the practice of providing forward-looking guidance.

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Nitisha Dubey

I am a Journalist with a post graduate degree in Journalism & Mass Communication. I love reading non-fiction books, exploring different destinations and varieties of cuisines. Biographies and historical movies are few favourites.

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