Fred J.

Earnings Preview: Synaptics

Interesting to note that non-GAAP earnings "growth" over the last year was due entirely to share buybacks. profit margin is clearly declining at about the same rate that revs are increasing. would have earned 0.38 this quarter without the share buybacks. dollar value of earnings were $10.7 million as compared to $10 million in the comparable quarter last year. GAAP numbers are much worse, of course. Management is employing a variety of tricks in order to prop the share price up, including the buybacks and the 3/2 split at these share levels. While revs are increasing, competition is no doubt increasing, and companies such as Apple are increasingly employing in-house and cheaper click/touch/scroll wheels in their products.