Cypress Semiconductor today announced its first-quarter earnings report for 2018. Total revenue was $582.2 million, a year-on-year increase of 9.5%. Revenue in the automotive market increased by 14.8% year-on-year.

GAAP and non-GAAP profit margins were 36.5% and 45.9%, respectively, an increase of 700 and 660 basis points respectively. GAAP and non-GAAP diluted earnings per share were $0.02 and $0.27, respectively, a year-on-year increase of $0.15 and $0.14

Cypress President and CEO Hassane El-Khoury said: "Cypress continued to firmly implement our established strategy during the quarter, with strong financial data and business performance. We focused on the Cypress 3.0 strategy, which led to our revenue growth of 9.5% per share. Revenue has more than doubled in the same period of last year, and in the quarter, we introduced a number of hardware and software innovations, expanding our portfolio of embedded solutions to enable us and our partners to solve problems faced by various consumer, industrial and automotive customers. At the same time, it also enhances our cross-selling capabilities of our product portfolio. We have won recognition from many market promoters, which fully demonstrates our ability to innovate, and at the same time greatly increase the number of our customers and provide support for our business expansion."