January 27, 2017 -
Synaptics reported financial results for its second fiscal quarter ended December 31, 2016, which saw a net revenue of $461.3 million representing a 19 percent increase from Q1 2017 and a 2 percent decline from Q2 2016.
In addition, the company’s GAAP net income for Q2 2017 increased $19.1 million from $3.7 million in Q1 2017 and decreased 35 percent from Q2 2016 to $22.8 million.
Synaptics’ non-GAAP net income for Q2 2017 increased 56 percent from Q1 2017 and declined 11 percent from Q2 2016 to $53.4 million.
“We are pleased to report solid results for the second fiscal quarter,” said Rick Bergman, president and CEO at Synaptics. “We saw several positive developments during the period including continued traction for our TDDI and fingerprint sensing solutions; the expansion of our biometrics portfolio with optical technology and our multi-factor biometric fusion engine; the introduction of our first display driver solution for OLED-based smartphones, which is now sampling to customers; and significant progress towards our in-display integration roadmap. We are benefitting from the investments we have made in key growth areas, strengthening our market leading position and expanding our customer base.”
The company’s combined revenue from mobile and PC products was approximately 86 percent and 14 percent respectively.
In addition, its revenue from mobile products (touchscreen, display driver, and applicable fingerprint product) of $397.5 million increased 20 percent from Q1 2017 and experienced a 3 percent decline year-over-year.
Synaptics’ revenue from PC products, which includes applicable fingerprint products, totaled $63.8 million. This represents an increase of 16 percent from Q1 2017 and an increase of 2 percent from Q2 2016.
“Considering our backlog of $264 million entering the March quarter, subsequent bookings, customer forecasts and product sell-in and sell-through timing patterns, and the resulting expected product mix, we anticipate revenue for the third quarter of fiscal 2017 to be in the range of $410 to $450 million,” Synaptics CEO Wajid Ali said. “We expect the revenue mix from mobile and PC products to be approximately 87 percent and 13 percent, respectively.”
The company also reported $347 million in cash and $52 million generated from operations in Q2 2017.
Previously reported, Synaptics’ Natural ID biometric fingerprint authentication solution, the VFS7500S, become the industry’s first fingerprint sensor fully certified through the Banking Card Test Center (BCTC).