- In addition to missing FQ2 sales estimates (while beating on EPS), Synaptics (NASDAQ:SYNA) is guiding for FQ3 revenue of $430M-$470M, below a $502.6M consensus. FY16 (ends June '16) revenue is expected to grow 9%-11%, below a 16.8% consensus.
- The touch controller/LCD driver/fingerprint sensor vendor notes it's dealing with "macroeconomic uncertainty and resulting weakness at top smartphone OEMs." Apple provided light guidance two days ago, and plenty of iPhone suppliers have issued soft calendar Q1 outlooks. In addition, Samsung posted soft Q4 results last night.
- Mobile product revenue rose 2% Y/Y in FQ2 to $407.8M. PC product revenue fell 4% to $62.7M. Lifting EPS: Non-GAAP gross margin rose 230 bps Y/Y to 38.2%, and GAAP operating expenses rose just 5% Y/Y to $119.9M after backing out year-ago forex and M&A charges.
- Synaptics has dropped to $64.00 after hours. Shares rose as high as $86.78 last week following a Bloomberg report indicating Synaptics is getting closer to a deal to sell to a Chinese group for over $110/share.
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Synaptics' FQ2 results, earnings release