Thu, Nov 7, 9:41 PM (242 days ago)
For the quarter ended September 28, 2024, Synaptics Incorporated (SYNA) reported net revenue of $257.7 million, an 8.4% increase from $237.7 million in the prior year. The gross margin improved to 46.9%, up from 45.1%, attributed to a favorable product mix and reduced costs. However, operating expenses rose to $149.3 million, driven by increased selling, general, and administrative costs, alongside restructuring costs of $14.2 million. The company recorded a net loss of $23.1 million, significantly reduced from a loss of $55.6 million a year earlier. Cash and cash equivalents decreased to $853.6 million, primarily due to cash used in operations and investments. The restructuring initiative aims to enhance efficiency and reduce costs, with an expected total charge of approximately $16 million. The company continues to navigate uncertainties, including macroeconomic challenges and geopolitical factors, particularly the Israel-Hamas conflict, which may affect operations. Despite these challenges, Synaptics maintains a strong liquidity position and expects a rebound in demand by late 2024.