On August 4, Synaptics Corporation announced its results for the fourth quarter ended June 25, 2022.
According to the report, the company reported fourth quarter revenue of $476.4 million, with IoT revenue up 87 percent year-over-year. On a GAAP basis, the company reported gross margin of 55.9 percent and net income of $82.9 million, or $2.04 per diluted share.
Full-year revenue for fiscal 2022 was $1.74 billion, up 30 percent year-over-year. Gross margins on the company’s products continued to expand, with GAAP gross margins of 54.2 percent in fiscal 2022 compared to 45.6 percent in the prior year.
Synaptics had a strong fiscal year in 2022 with record revenue, gross margin, non-GAAP operating margin, earnings per share and cash flow, and made significant progress on our strategy to enter higher value markets and diversify our customer base,” said Michael Hurlston, president and chief executive officer of Synaptics. significant progress in our strategy to enter high-value markets and diversify our customer base. During the fiscal year, our IoT product adoption grew 80 percent and accounted for 63 percent of revenue. Despite increased economic uncertainty, our plan is to continue to invest in our business. Our product lines and designs continue to trend upward, particularly in the IoT market.”
Synaptics CFO Dean Butler said, “In our first quarter of fiscal 2023, we expect IoT to continue to grow year-over-year, partially offsetting the expected declines in our mobile and PC products. Our forecast reflects the signs we are seeing of a more cautious customer base in the applications closest to the consumer. Our total backlog remains stable and we expect gross margins to remain near record levels for the quarter in September.”
The company expects operating income for the first quarter of fiscal 2023 to be approximately $440 million to $470 million. gAAP gross margin is in the range of 55% to 56% and operating expenses are $152 million to $159 million.
