Business
Synaptics Reports Fourth Quarter Fiscal 2023 Results
Q4’23 Financial Results and Recent Business Highlights Revenue of $227.3 millionGAAP gross margin of 44.5 percentNon-GAAP gross margin of 55.7 percentGAAP
About this update from Synaptics Incorporated
[{"type":"text","content":"Q4’23 Financial Results and Recent Business Highlights Revenue of $227.3 millionGAAP gross margin of 44.5 percentNon-GAAP gross margin of 55.7 percentGAAP loss per share of $0.59Non-GAAP diluted earnings per share of $0.49 SAN JOSE, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Synaptics Incorporated (Nasdaq: SYNA), today reported financial results for its fourth quarter and full year of fiscal 2023 ended June 24, 2023. Net revenue for the fourth quarter of fiscal 2023 was $227.3 million. GAAP net loss for the fourth quarter of fiscal 2023 was $23.4 million, or a loss of $0.59 per basic share. Non-GAAP net income for the fourth quarter of fiscal 2023 was $19.5 million, or $0.49 per diluted share. For the full year fiscal 2023, net revenue was $1.36 billion. Synaptics’ products continue to garner strong gross margin with GAAP gross margin for fiscal 2023 of 52.8 percent compared to 54.2 percent in the prior year; and non-GAAP gross margin of 60.1 percent compared to 60.0 percent in the prior year. GAAP net income for the recently completed fiscal year was $73.6 million or $1.83 per diluted share. Non-GAAP net income for the recently completed fiscal year was $326.4 million or $8.12 per diluted share. “After a strong start to our fiscal 2023, the last three quarters were impacted by excess customer inventories. We believe our business bottomed out this quarter and we will begin a climb upward in early calendar 2024. Earlier this week, we announced a key strategic deal with Broadcom, one that will be a cornerstone for our IoT business as we return to growth. We believe our roadmaps and design wins position us well for the years to come,” said Michael Hurlston, Synaptics’ President and CEO. Business OutlookDean Butler, Chief Financial Officer of Synaptics, added, “As we enter the September quarter, we see continued stabilization of our demand signals and good momentum in reducing channel inventory. With shorter than normal lead times and inventory levels not quite at equilibrium, we expect the coming quarter’s revenue to be relatively flat to our June results. The company’s balance sheet is in great shape, affording us the flexibility to invest in the business while continuing our recent buyback program.” For the first quarter of fiscal 2024, the company expects: GAAPNon-GAAP AdjustmentNon-GAAPRevenue$215M to $245MN/AN/AGross Margin*43....