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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 it will report its financial results for the third quarter of fiscal 2022 on May 5, 2022, after market close. Management will discuss the results during a conference call at 2:00 p.m. PT (5:00 p.m. ET). Analysts and investors can participate by dialing 1-833-614-1539 with conference ID 4155715. A live and archived webcast will be available on the investor relations section of Synaptics' website. Additionally, a telephonic replay will be accessible until May 12, 2022.
Synaptics Incorporated (Nasdaq: SYNA) is showcasing its cutting-edge AI SoC solutions at the tinyML Summit from March 28-30, 2022. The demonstrations feature the Katana and DBM10L low-power systems-on-chip (SoCs) with neural network engines, designed for applications like vision, sound-event detection, keyword spotting, and speech processing. These technologies aim to enhance IOT applications, promising efficient power management and versatility across industries.
Synaptics has launched an Edge AI evaluation kit (EVK) based on its low-power Katana SoC, facilitating the development of AI applications for IoT. This kit integrates multiple sensors and connectivity options for smart home, industrial, and monitoring applications. The Edge AI hardware market is anticipated to reach $38.9 billion by 2030, growing at a CAGR of nearly 19%. Synaptics aims to streamline application development by offering a complete platform, including technical support.
Synaptics has established a new wireless research and development center in Sophia Antipolis, France, aimed at enhancing Wi-Fi and Bluetooth technology for the Internet of Things (IoT). This facility will bolster Synaptics' European presence and support their expansion into the high-growth IoT sector, which now represents their largest revenue stream. The CEO emphasized the strategic importance of this location, while the center is expected to accelerate innovation in wireless connectivity solutions. The acquisition of Broadcom’s Wireless IoT Business and DSP Group has previously strengthened their market position.
Synaptics (SYNA) reported Q2 FY2022 revenues of $420.5 million, with a year-over-year IoT revenue increase of 60%. The company achieved a record GAAP gross margin of 53.5% and a record non-GAAP gross margin of 59.5%. GAAP diluted EPS was $1.71, while non-GAAP diluted EPS reached $3.26. Looking ahead, Synaptics expects Q3 revenues between $450 million and $480 million, with a non-GAAP gross margin target of 60% amidst ongoing supply chain challenges.
Synaptics (Nasdaq: SYNA) launched the SYN4381 Triple Combo system on chip, integrating Wi-Fi 6/6E, Bluetooth 5.2, and IEEE 802.15.4 with Thread support. This SoC enhances product development by streamlining interoperability across devices, targeting the growing IoT market projected to reach 27 billion devices by 2025. The SYN4381 delivers a data rate of 600 Mbps and aims to simplify smart home device integration, facilitating seamless user experiences. The product is currently in the sampling phase, with market launches anticipated by the end of 2022.
Synaptics (SYNA) recently unveiled the Gemini reference design, marking the world’s first true Wi-Fi 6/6E wireless docking experience for notebook users. This innovative design ensures secure connections via dual-4K display support and ultra-low latency, indistinguishable from wired connections. Demonstrated at CES 2022, Gemini is aimed at enhancing productivity for hybrid work environments and extends its applicability to tablets, gaming, and VR. The reference design is available now, emphasizing Synaptics' commitment to transforming connectivity in a digital-centric world.
Synaptics (SYNA) announced it will report its financial results for Q2 fiscal 2022 on February 3, 2022, after market closure. The company will also host a conference call at 2:00 p.m. PT (5:00 p.m. ET) to discuss the results and offer forward-looking insights. Analysts and investors can join the call by dialing 1-833-614-1539 (conference ID: 4099047) and will have access to a live and archived webcast on Synaptics' investor relations page. A telephonic replay will be available until February 10, 2022.
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