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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) announced its participation in the 25th Annual Needham Growth Conference on January 10, 2023, at 10:30 AM PT. Michael Hurlston, President and CEO, will present at this event. Investors can view the live webcast or access the replay by visiting the provided link.
Synaptics is recognized for transforming user interactions with connected devices through advanced touch, display, and biometric technologies. The company collaborates with innovators in various fields to enhance digital experiences.
Synaptics (Nasdaq: SYNA) has announced that its Emza Visual Sense AI technology is deployed in Dell and Panasonic mobile PCs for enhanced Human Presence Detection (HPD). This technology uses ultra-low power ML algorithms to improve battery life and security, automatically managing system settings based on user presence. The laptops are available today. This partnership signifies a move toward context-aware computing in the tech industry, promising a user-friendly experience while safeguarding privacy.
Synaptics has unveiled the SYN4778, a cutting-edge Global Navigation Satellite Systems (GNSS) integrated circuit (IC) designed for IoT applications. This chip boasts 80% lower power consumption and is 30% smaller than its competitors, while achieving a 50% improvement in accuracy. The SYN4778 enhances battery life and performance of location-based services across various devices, including wearables and drones. Currently in sampling phase with select customers, it promises faster time to first fix and significant power savings for developers.
Synaptics has launched the SmartBridge SB7900 local dimming IC, enhancing automotive LCDs with larger displays, higher contrast, and lower power consumption. This AEC-Q100 Grade 2-qualified IC integrates seamlessly with Synaptics' TDDI ICs, optimizing performance for displays up to 30 inches and resolutions up to 6K, providing greater image quality and flexibility. Key features include full-array local dimming capable of contrast ratios up to 10000:1 and programmability for enhanced image visibility. The SB7900 is currently being sampled to select customers.
Synaptics has launched KatanaConnect™, the first ultra-miniature System on Module (SoM) combining low-power Edge AI capabilities with Wi-Fi/Bluetooth connectivity. Developed with Ampak, this ready-to-use solution supports AI features in IoT devices, targeting home automation, security, and industrial applications. Measuring 33 x 32 mm, it integrates the Katana SoC with a Wi-Fi/Bluetooth combo IC, and will be available in Q1 2023. The module simplifies product development for OEMs by enabling easy integration of AI sensing technology.
Synaptics Incorporated (SYNA) reported Q1 2023 revenue of $448.1 million, a 20% increase year-over-year. The GAAP diluted EPS stood at $1.59, with a non-GAAP EPS of $3.52. Notable achievements include record GAAP gross margin of 57.1% and non-GAAP gross margin of 62.6%. Looking ahead, Synaptics expects revenue to decrease to $350M to $380M due to cautious customer demand amid macroeconomic challenges.
Synaptics (SYNA) announced its acquisition of Emza Visual Sense Ltd., a leader in ultra-low-power AI visual sensing solutions. This strategic move enhances Synaptics’ position in the Edge AI market and enables the company to immediately address human presence detection applications in the PC sector. The integration of Emza’s machine learning algorithms and Synaptics’ Katana AI SoC platform aims to improve user security and privacy. The team from Emza will join Synaptics in Israel, with the technology already available for deployment.
Synaptics (SYNA) will release its financial results for Q1 FY2023 on November 3, 2022, after market close. The company will host a conference call at 2:00 PM PT (5:00 PM ET) to discuss the results and forward-looking information, encouraging pre-registration for participation. A live and archived webcast will also be available on their Investor Relations webpage. Synaptics focuses on enhancing user engagement with connected devices through advanced technologies in touch, display, biometrics, and AI.
Synaptics (SYNA) has been added to the PHLX Semiconductor Sector Index, effective September 19, 2022. This inclusion acknowledges the company's strong fundamentals and future potential within the semiconductor industry. Michael Hurlston, CEO of Synaptics, highlighted their transformation into a leading IoT semiconductor provider over the past three years. The PHLX Index measures the performance of the 30 largest US-listed semiconductor companies, indicating a significant milestone for Synaptics and its employees in the competitive semiconductor market.
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