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Synaptics Incorporated (NASDAQ:SYNA) posted better-than-expected second-quarter financial results on Thursday.
Synaptics posted adjusted earnings of 5 cents per share, beating market estimates of 45 cents per share. The company’s quarterly sales came in at $237.00 million versus expectations of $235.24 million, according to data from Benzinga Pro.
Synaptics said it sees third-quarter revenue of $220 million to $250 million, versus analysts’ estimates of $245.286 million.
Dean Butler, Chief Financial Officer of Synaptics, said, “Our total channel inventories continued to decline in the December quarter and we anticipate a significant topline revenue increase for our Core IoT products in the coming quarter. While some products are beginning to return to growth, others are still suffering from prolonged inventory accumulation, declines in demand, and seasonal effects. As a result, we expect the company’s consolidated March quarter revenue to be flat relative to the December quarter. Synaptics generates strong positive cash flows and maintains a healthy balance sheet, enabling us to continually invest in our technology roadmaps.”
Synaptics shares rose 2% to close at $110.22 on Thursday.
These analysts made changes to their price targets on Synaptics after the company reported quarterly results.
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Posted In: SYNA
