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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.
Allegro DVT, a leader in video codec compliance test suites, announced that Synaptics (SYNA) has chosen its VVC test streams to ensure compliance with the new Versatile Video Coding (VVC) standard. This decision underscores Synaptics' commitment to maintaining product integrity in video applications following the VVC standard, which aims to enhance compression performance for various uses. Both companies emphasize the importance of robust testing to manage the complexities associated with new video codecs. This partnership is positioned to enhance user experiences across connected devices.
Synaptics (Nasdaq: SYNA) announced participation in the Nasdaq Investor Conference in London on June 14, 2022, at 9:30 AM BST. CFO Dean Butler will present at the event, highlighting the company's advancements in touch, display, and biometrics technologies that enhance user engagement with connected devices. Investors can view the conference webcast at https://edge.media-server.com/mmc/p/75ubdrx4. Synaptics continues to innovate in AI-enhanced video, vision, audio, and security, securing its position as a leader in creating productive digital experiences.
Synaptics (Nasdaq: SYNA) announced its participation in several upcoming investor conferences. CFO Dean Butler will speak at the J.P. Morgan 50th Annual Global Technology, Media and Communications Conference on May 23, 2022, at 11:30 AM PT, and at the Cowen 50th Annual Technology, Media & Telecom Conference on June 2, 2022, at 7:50 AM PT. Additionally, Butler will virtually participate in the 19th Annual Craig-Hallum Institutional Investor Conference on June 1, 2022. Webcasts and replays for these events will be available online.
Synaptics Incorporated (Nasdaq: SYNA) reported Q3'22 revenue of $470.1 million, with a remarkable 99% year-over-year growth in IoT revenue. The company achieved a record GAAP gross margin of 54.0% and non-GAAP gross margin of 61.1%. GAAP diluted EPS stood at $1.59, while non-GAAP diluted EPS reached a record $3.75. Looking ahead, Synaptics expects Q4 revenue between $460 million and $490 million and continues to face strong demand for IoT products despite supply chain constraints.
Synaptics (Nasdaq: SYNA) has unveiled its FlexSense family of sensor processors, designed for IoT devices. These processors can handle inputs from up to four sensors in a compact form, reducing size by 80% compared to existing solutions. Key benefits include lower power consumption, simplified design, and enhanced responsiveness for applications such as TWS earbuds, VR headsets, and smart thermostats. The FlexSense architecture supports advanced functionalities, improving interactions through multi-sensor combinations, thereby streamlining product development.
Synaptics Incorporated (Nasdaq: SYNA) announces that Bernice Chen and Esther Song will be honored with “Tribute to Women” awards by YWCA Golden Gate Silicon Valley. This recognition highlights the contributions of women leaders in the Bay Area and their impact in the tech industry. The awards ceremony is set for May 12, 2022, as part of an online event featuring over 40 women leaders. CEO Michael Hurlston emphasized their commitment to raising the profile of women in technology, while YWCA aims to promote gender equality and leadership opportunities.
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.
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