SAN JOSE, Calif. - Synaptics (NASDAQ:SYNA) Incorporated (NASDAQ:SYNA), a leading developer of human interface solutions, today announced financial results for the third quarter of fiscal 2024, which ended March 30, 2024.
The company reported a revenue of $237.3 million, surpassing the analyst consensus estimate of $235.17 million. Adjusted earnings per share (EPS) for the quarter were $0.53, exceeding the analyst estimate of $0.49.
The third quarter's revenue represented an increase from the same quarter last year, indicating a positive trajectory for the company. Synaptics' GAAP gross margin stood at 46.5 percent, while the adjusted gross margin reached 52.9 percent. However, the company faced a GAAP net loss of $18.1 million, translating to a loss of $0.46 per basic share. On a non-GAAP basis, net income for the quarter was $21.0 million, or $0.53 per diluted share.
President and CEO Michael Hurlston highlighted the quarter's achievements, particularly in the strategic Core IoT product area. "This quarter, Synaptics achieved meaningful milestones in our strategic Core IoT product area. We had a very successful launch of our Astra™ platform, targeting a $20 billion plus market opportunity for embedded edge AI processors for the Internet of Things (IoT). In addition, the company's Core IoT revenue increased 26% sequentially driven by growth in our wireless product family," said Hurlston.
Looking ahead, Synaptics provided guidance for the fourth quarter of fiscal year 2024, expecting revenue to be in the range of $230 million to $260 million. The midpoint of this range, $245 million, is slightly above the analyst consensus of $244.6 million, suggesting a cautious optimism for the upcoming quarter.
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