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Mar 26, 2022
Synaptics Q3 2022 Earnings Report
Reported solid Q3 2022 results with revenue above guidance midpoint, and record non-GAAP gross margin and non-GAAP diluted earnings per share.
Key Takeaways
Synaptics' Q3 2022 revenue reached $470.1 million. GAAP net income was $64.9 million, or $1.59 per diluted share, while non-GAAP net income was a record $152.7 million, or $3.75 per diluted share. IoT product applications now constitute 64% of the company's revenue.
Revenue of $470.1 million
IoT revenue increased 99% year-over-year
Record GAAP gross margin of 54.0 percent
Record non-GAAP gross margin of 61.1 percent
Forward Guidance
For the fourth quarter of fiscal 2022, Synaptics expects revenue between $460 million and $490 million, GAAP gross margin between 55.0 percent and 56.0 percent, and non-GAAP gross margin between 60.5 percent and 61.5 percent. Operating expenses are projected between $158 million and $165 million on a GAAP basis, and between $107 million and $111 million on a non-GAAP basis.
Positive Outlook
- Continued growth driven by strong demand for IoT products.
- Backlog remains strong.
- Overall demand continues to outpace supply availability.
- Gross margins expected to remain at near record levels.
- Operating profits expected to remain at near record levels.
Challenges Ahead
- Semiconductor supply chain constraints.
- Changing input prices.
- Potential impacts on business from COVID-19 pandemic.
- Global supply chain disruptions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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