Business
Synaptics Reports Fourth Quarter and Full Year Fiscal 2024 Results
Q4’24 Financial Results and Recent Business Highlights Revenue of $247.4 millionGAAP gross margin of 45.8 percentNon-GAAP gross margin of 53.4 percentGAAP
About this update from Synaptics Incorporated
[{"type":"text","content":"Q4’24 Financial Results and Recent Business Highlights Revenue of $247.4 millionGAAP gross margin of 45.8 percentNon-GAAP gross margin of 53.4 percentGAAP diluted earnings per share of $5.22Non-GAAP diluted earnings per share of $0.64 SAN JOSE, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Synaptics Incorporated (Nasdaq: SYNA), today reported financial results for its fourth quarter and full year of fiscal 2024 ended June 29, 2024. Net revenue for the fourth quarter of fiscal 2024 was $247.4 million. GAAP net income for the fourth quarter of fiscal 2024 was $208.3 million, or an income of $5.22 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2024 was $25.6 million, or $0.64 per diluted share. For the full year fiscal 2024, net revenue was $959.4 million. GAAP gross margin for fiscal 2024 of 45.8 percent compared to 52.8 percent in the prior year; and non-GAAP gross margin of 53.0 percent compared to 60.1 percent in the prior year. GAAP net income for the recently completed fiscal year was $125.6 million or $3.16 per diluted share. Non-GAAP net income for the recently completed fiscal year was $89.4 million or $2.25 per diluted share. “While fiscal year 2024 was challenging in terms of channel inventory and deteriorating end demand, we enter fiscal 2025 in a much better position. Supply chain challenges are largely a thing of the past and the demand environment, particularly in our primary areas of focus, continues to improve. Our Core IoT products grew 63% year-over-year in the fourth quarter led by our wireless group which should continue to show near term progress. Longer term, with the launch of our native-AI compute platform, Astra, we are poised to generate content gains at both new and existing customers. In short, we believe we have the right product roadmap to deliver sustainable, profitable growth.” said Michael Hurlston, Synaptics’ President and CEO. Business OutlookMr. Hurlston added, “Our guidance for the first quarter of fiscal 2025 shows sequential improvement in revenue. While near term demand signals are better, we remain cautious due to a slow recovery in our end markets and limited visibility across the next few quarters. Our balance sheet remains strong, providing the company with ample flexibility to drive growth and fund our strategic initiatives.” For the first quarter of fiscal 2025, th...