* Q4 shr loss $0.08, in line with Street
* Q4 rev $165.7 mln vs est $169.7 mln
* Q4 semiconductor book-to-bill ratio 0.70
* Shares down nearly 7 percent in early trade
Jan 22 (Reuters) - Cypress Semiconductor Corp CY.N, which makes programmable chips, posted a fourth-quarter loss as customers continued to push out orders due to tighter credit conditions.
Cypress shares fell almost 7 percent in early trade.
Net loss was $424.4 million, or $2.94 a share, compared with net income of $3.1 million, or 1 cent a share, a year ago. Excluding items, the company posted a loss of 8 cents a share, in line with market estimates.
Revenue fell 20 percent for the quarter ended Dec. 28, 2008.
Gross margin was 38.9 percent, down 5.4 percentage points sequentially, mainly due to lower factory utilization.
The company's semiconductor book-to-bill ratio was 0.70, which means that $70 worth of orders were received for every $100 of product shipped -- the lowest level since the dotcom crash, the company said.
Shares of the company, which competes with Altera Corp ALTR.O and Xilinx Inc (XLNX.O), were down almost 5 percent at $4.39 in morning trade on New York Stock Exchange. They touched a low of $4.29 earlier in the session. (Reporting by Purwa Naveen Raman in Bangalore; Editing by Himani Sarkar)