Synaptics Q1 revenue misses estimates on supply constraints, smartphone softness
SYNA•Synaptics’ fiscal first-quarter revenue rose 1% year over year to $294 million, below the $315.98 million estimate, while adjusted EPS of $1.26 beat the $1.25 estimate. The company cited supply constraints and smartphone softness and said it would not provide an outlook because of its pending acquisition by onsemi.
1. Revenue miss
Synaptics reported fiscal first-quarter revenue of $294 million, up 1% year over year and below the $315.98 million analyst estimate. Adjusted EPS was $1.26, slightly above the $1.25 estimate; adjusted net income was $51.50 million, compared with an estimate of $51.53 million.
2. Demand and supply
The company said supply constraints and memory-related demand dynamics across multiple markets affected revenue. Smartphone-market softness hurt demand for its touch and wireless products.
3. No financial outlook
Synaptics will not provide a forward-looking financial outlook because of its pending acquisition by onsemi. It cited strong design activity and customer engagement in Edge and Physical AI, with broader opportunities for tactile sensing controllers and video interface products in robotics.
