Synaptics (SYNA) Tops Q3 EPS by 1c, Miss on Revenues

Synaptics (NASDAQ: SYNA) reported Q3 EPS of $0.92, $0.01 better than the analyst estimate of $0.91. Revenue for the quarter came in at $394 million versus the consensus estimate of $401.76 million.

• Revenue of $394.0 million
  • Revenue mix from mobile products was approximately 62 percent. Revenue from mobile products of $244.8 million was down 6 percent sequentially and down 34 percent year-over-year. Mobile products revenue includes all touchscreen, display driver, and applicable fingerprint products.
  • Approximately $21.8 million of mobile product revenue for Q3 fiscal 2017 has been reclassified as IoT revenue.
  • Revenue mix from consumer IoT products was approximately 23 percent. Revenue from consumer IoT products totaled $89.0 million and includes $23.6 million of revenue formerly classified as mobile revenue.
  • Revenue mix from PC products was approximately 15 percent. Revenue from PC products totaled $60.2 million, a sequential decrease of 2 percent and an increase of 13 percent year-over-year, and includes applicable fingerprint products.
• GAAP net loss per share of $0.40
• Non-GAAP net income per diluted share of $0.92

“We are pleased that our financial performance for the third fiscal quarter was within our expectations despite well-documented softness at the high end of the smartphone market, and we achieved our third consecutive quarter of gross margin improvement,” stated Rick Bergman, President and CEO. “We continue to anticipate strong growth in the second half of the calendar year driven by seasonality and the rollout of new products. Synaptics’ continuing transformation into a more diversified company, including growing momentum of our consumer IoT platform, is enabling us to focus our growth priorities on products providing greater opportunities for gross margin contribution and profitability as we move forward.”

For earnings history and earnings-related data on Synaptics (SYNA) click here.

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