Cypress Semiconductor Lifts Q1 Revenue Outlook, CFO Brad Buss To Retire

(RTTNews) - Cypress Semiconductor Corp. (CY) Wednesday lifted its revenue forecast for the first quarter. The company also announced the retirement of its Chief Financial Officer Brad Buss.

San Jose, California-based Cypress Semiconductor now expects first-quarter revenues to exceed the higher end of its outlook of $169 million to $171 million. Analysts polled by Thomson Reuters currently estimate revenues of $165.0 million for the quarter.

The company also said CFO Brad Buss is retiring from Cypress after eight years of service, effective June 1, 2014. The company has appointed Thad Trent, currently Vice President of Finance, to succeed Buss.

Buss will then continue on a part-time basis, assisting in the transition through September 1, 2014, after which he will become a non-employee advisor to the Board and the CEO through April 30, 2015.

Cypress Semiconductor makes the processors and chips that go into computers, phones, and other integrated electronic devices.

CY closed Wednesday's trading at $10.34, up $0.04 or 0.39%, on the Nasdaq. The stock further rose $0.08 or 0.77%, in after-hours trade.