Synaptics Q3 FY2023 revenue $326.6M, non-GAAP EPS $1.89; Q4 guidance weak, buyback boosted by $500M

SYNAPTICS Inc

2023-Q3 EPS reported $2.41 revenue$1,127,800,000

Q3 revenue $326.6M, GAAP EPS $0.26, non-GAAP EPS $1.89; results above expectations despite economic headwinds.
Q4 FY2023 guidance: revenue $210M-$240M, GAAP gross margin 44-47%, non-GAAP gross margin 56-58%.
Board authorized $500M increase in share repurchase program; cumulative authorization now $2.3B with $977M remaining.
Management cites customer inventory correction and supply chain slowdown; implementing spending controls.
Design activity increasing in core wireless, automotive, and video conversion products, expected to drive future growth.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SYNAPTICS Inc reported third quarter of fiscal 2023 ended March 25, 2023 results: revenue $326.6 million, net income $10.4 million, EPS $0.26 per diluted share. Guidance initiated.

Period: third quarter of fiscal 2023 ended March 25, 2023
Revenue: $326.6 million
Net income: $10.4 million
EPS: $0.26 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

SAN JOSE, Calif., – May 3, 2023 – Synaptics Incorporated (Nasdaq: SYNA ), today reported financial results for its third quarter of fiscal 2023 ended March 25, 2023. Net revenue for the third quarter of fiscal 2023 was $326.6 million. GAAP net income for the third quarter of fiscal 2023 was $10.4 million, or $0.26 per diluted share. Non-GAAP net income for the third quarter of fiscal 2023 was $75.3 million, or $1.89 per diluted share. “In a challenging and deteriorating economic environment, Synaptics delivered third quarter results better than our expectations. Our design activity continues to increase with a keen focus on our core wireless, automotive, and video conversion product families which we expect to drive growth. We have positioned the company for the long-term and are confident in our market opportunities and the return to baseline business levels once we get past this inventory correction.” said Michael Hurlston, Synaptics’ President and CEO. Business Outlook Dean Butler,

View on SEC.gov

44 earnings releases filed in the last 30 days. Browse all earnings releases →

SYNAPTICS Inc filing history →

Source: SEC EDGAR

accession 0000950170-23-017228

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.