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Synaptics Inc. (NASDAQ: SYNA) is leading the revolution in human interface solutions for intelligent devices. Specializing in touch, display, and biometrics, Synaptics offers a broad portfolio of products that enhance user experiences across mobile, PC, automotive, and IoT sectors. The company's cutting-edge technologies power interfaces for touch, display, fingerprint, video, audio, voice, AI, and connectivity functions, ensuring intuitive interactions with electronic devices.
Synaptics leverages a robust R&D foundation and extensive intellectual property to deliver innovative solutions that combine functionality, ease of use, and aesthetic appeal. The company derives a significant portion of its revenue from China and operates in a single segment dedicated to developing, marketing, and selling semiconductor products used in various electronic devices.
Recent financial results indicate a period of stabilization and strategic growth. For the first quarter of fiscal 2024, Synaptics reported net revenue of $237.7 million and a GAAP net loss of $55.6 million. However, on a non-GAAP basis, the company achieved a net income of $20.3 million. In the second quarter, Synaptics' net revenue was $237.0 million, with a GAAP net loss of $9.0 million and a non-GAAP net income of $22.5 million. The third quarter continued this trend with net revenue of $237.3 million and a GAAP net loss of $18.1 million, but a non-GAAP net income of $21.0 million.
Synaptics is proactively addressing inventory challenges and focusing on growth in its Core IoT segment, particularly with its wireless product family. The recent launch of the Astra™ platform positions the company to capitalize on a $20 billion market opportunity for embedded edge AI processors in IoT devices.
The company's strategic partnerships and product innovations, such as the collaboration with Valens Semiconductor and Good Way Technology, demonstrate its commitment to expanding its market presence and delivering advanced connectivity solutions. Synaptics' DisplayLink technology, integrated into new products, offers simplified, cost-effective solutions for video conferencing and video wall markets.
With a strong balance sheet and positive cash flow, Synaptics is well-equipped to invest in future growth and navigate macroeconomic challenges. The company's long-term initiatives, including advancements in AI and connectivity technologies, are set to drive sustained growth and innovation in the coming years.
Synaptics (Nasdaq: SYNA) reported its Q4'24 and fiscal 2024 financial results. For Q4'24, revenue was $247.4 million, with a GAAP gross margin of 45.8% and non-GAAP gross margin of 53.4%. GAAP diluted EPS stood at $5.22, while non-GAAP diluted EPS was $0.64. Full-year fiscal 2024 revenue reached $959.4 million, with a GAAP gross margin of 45.8% vs. 52.8% the prior year, and a non-GAAP gross margin of 53.0% vs. 60.1% the prior year. GAAP net income was $125.6 million or $3.16 per diluted share, whereas non-GAAP net income was $89.4 million or $2.25 per diluted share. CEO Michael Hurlston noted improvements in supply chain challenges and demand, with Core IoT products growing 63% YoY in Q4. For Q1 fiscal 2025, the company projects revenue of $255M ± $15M, and a non-GAAP gross margin of 53.5% ± 1.0%.
Synaptics (Nasdaq: SYNA) has announced it will release its fourth quarter and full year fiscal 2024 financial results on Thursday, August 8, 2024, after the market closes. The company will host a conference call for analysts and investors at 2:00 p.m. PT (5:00 p.m. ET) on the same day. During this call, management may discuss the company's financial performance and outlook. This announcement serves as a standard practice for public companies to keep shareholders and the market informed about their financial reporting schedule.
Valens Semiconductor (NYSE: VLN) and Good Way Technology have announced a new suite of products based on the Valens VS6320 chipset, compliant with the HDBaseT-USB3 standard. These products will support innovations in video conferencing and video walls, including the ability to extend four 4K streams or an 8K video wall over a single copper cable. The product suite will be demonstrated at COMPUTEX Taipei (June 4-7) and Infocomm (June 12-14). The VS6320 chipset, known for its high-performance USB 3.2 extension capabilities, is now available for mass production. The collaboration leverages Synaptics' DisplayLink technology, offering cost-effective and simplified solutions for hybrid conference rooms and video setups.
Synaptics announced the appointment of Ken Rizvi as its new Senior Vice President and Chief Financial Officer, effective July 15, 2024. Ken will report to CEO Michael Hurlston and oversee all aspects of Synaptics' global finance functions, including accounting, corporate development, and investor relations. He joins Synaptics from SMART Global Holdings, bringing over 20 years of experience in the semiconductor industry. Ken has previously served in senior financial roles at UTAC Holdings, Isola Group, Micron Technology, and ON Semiconductor. Michael Hurlston expressed confidence in Ken's ability to drive operational excellence and contribute to Synaptics' growth in IoT connectivity and processor solutions.
Synaptics (Nasdaq: SYNA) announced its participation in the 52nd Annual J.P. Morgan Global Technology, Media, and Communications Conference. The event will take place on Monday, May 20, 2024, at 6:20 AM PT. Michael Hurlston, President and CEO of Synaptics, will deliver the presentation. The webcast and replay will be available at the event's official website.
Synaptics Incorporated reported third-quarter fiscal 2024 results with a revenue of $237.3 million, GAAP gross margin of 46.5%, and non-GAAP gross margin of 52.9%. The company experienced a GAAP loss per share of $0.46 and non-GAAP diluted earnings per share of $0.53. Synaptics' Core IoT product area achieved significant milestones, with a successful launch of the Astra™ platform targeting a $20 billion plus market opportunity for embedded edge AI processors. The Core IoT revenue increased by 26% sequentially due to growth in the wireless product family. The company expects a modest increase in revenue for the fourth quarter of fiscal year 2024.
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