Synaptics has issued its results for the fourth quarter of its fiscal year, ended June 30th.
The quarter saw the continuation of a downward trend in revenues seen in its last quarterly update, with net revenues coming in at $295.1 million. That’s 24 percent lower than revenues in the same quarter of last year, and 12 percent lower against Q3 of this year; it’s also just shy of the revenue guidance of $300 to $320 million in last quarter’s update.
Synaptics has also reported a GAAP net loss of $46.2 million for the fourth quarter, though it saw a non-GAAP net income of $13.2 million.
Looking to the full fiscal year, the biometrics specialist saw total revenues of $1.47 billion, a decrease of 10 percent against the 2018 fiscal year. Its GAAP net result was a loss of $22.9 million, while its non-GAAP net result was an income of $141 million, similar to fiscal 2018.
The update comes shortly after Synaptics’ announcement that its next CEO, slated to take the helm on August 19th, would be Michael Hurston. Hurston is the former CEO of Finisar, a key components supplier of laser scanning technology used in Apple’s Face ID facial recognition system.
Commenting on Synaptics’ Q4 results in a statement, Saleel Awsare, the company’s VP and General Manager of its IoT Division, Corporate Marketing & Investor Relations, accentuated the positive. “In the June quarter, we made good progress with our corporate transformation, identifying key areas of focus and investment long-term in edge computing SoCs for consumer IoT in the smart home, fingerprint sensors and TDDI for automotive, OLED display and touch for mobile devices, audio SoCs for wired and true wireless headsets, and high speed wired connectivity for PCs, peripherals and VR,” he said. “We are pleased with the progress that we’ve made and look forward to the leadership our newly appointed president and CEO, Michael Hurlston will bring to continue to execute on our transformation and improve our long-term growth and profitability.”
Looking ahead, Synaptics interim CFO and Chief Accounting Officer Kermit Nolan said that the company’s leadership expect revenues in fiscal Q1 of 2020 to be in the range of $300 to $330 million. “Based on this guidance, we expect the revenue mix from mobile, IoT and PC products to be approximately 50 percent, 30 percent and 20 percent, respectively,” he said.
August 12, 2019 – by Alex Perala