Business
Synaptics Reports First Quarter Fiscal 2021 Results
Q1’21 Financial Results and Recent Business Highlights Revenue of $328.4 millionGAAP Gross Margin of 41.0 percent; non-GAAP Gross Margin of 49.7 percentGAAP
About this update from Synaptics Incorporated
[{"type":"text","content":"Q1’21 Financial Results and Recent Business Highlights\n Revenue of $328.4 millionGAAP Gross Margin of 41.0 percent; non-GAAP Gross Margin of 49.7 percentGAAP diluted loss per share of $0.08; non-GAAP diluted earnings per share of $1.85Cash and short-term investments of $243.9 millionCompleted the acquisition of DisplayLink and the rights to Broadcom’s wireless IoT connectivity business SAN JOSE, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Synaptics Incorporated (NASDAQ: SYNA), today reported financial results for its first fiscal quarter ended September 26, 2020. Net revenue for the first quarter of fiscal 2021 was $328.4 million. GAAP net loss for the first quarter of fiscal 2021 was $2.8 million, or a loss of $0.08 per diluted share. Non-GAAP net income for the first quarter of fiscal 2021 was $66.7 million, or $1.85 per diluted share. “Synaptics delivered a strong start to our fiscal year with first quarter revenues exceeding the mid-point of our guidance, gross margins above the high-end of our guidance, and the highest operating margins for the company in more than six years,” said Michael Hurlston, Synaptics’ president and CEO. “We continue to benefit from the strong design pipeline across all of our businesses, with several new products ramping this quarter and contributing to the strong start of our fiscal year. Our two recent acquisitions are outperforming our initial expectations and the integration of these new businesses are now completed. Together, we are in a much stronger position to drive profitable revenue growth going forward.” Cash and short-term investments at the quarter end of September 26, 2020 were $243.9 million. Business Outlook Dean Butler, Chief Financial Officer of Synaptics, added, “For our second fiscal quarter, we see continuing strong demand for our products and enter the quarter with a strong backlog. Our fiscal Q2 represents a number of important milestones for Synaptics as we anticipate achieving certain key metrics of the financial model we outlined earlier this year, with non-GAAP gross margins above 50% and non-GAAP operating margins above 20%. We also anticipate IoT to be our largest revenue contributor for Q2, surpassing our Mobile products for the first time.” For the second quarter of fiscal 2021, the company expects: GAAPNon-GAAP AdjustmentNon-GAAPRevenue$340M to $370N/AN/AGross Margin3...