Synaptics 1Q net plunges
Touch-screen maker Synaptics Inc. said Thursday that its fiscal first-quarter net income fell by more than half on weak sales of screens for desktop computers.
The company earned $6.1 million, or 18 cents per share, for the quarter that ended Sept. 30. That was down from $13 million, or 39 cents per share, during the same period last year.
Revenue fell 4.8 percent to $127 million.
Synaptics said revenue was at the high end of its guidance range because of better-than-expected revenue from phone touchscreens, partially offset by soft desktop computer revenue. It gets roughly half of its revenue from each of those categories.
Mobile products revenue was $64.6 million, about the same as a year earlier. PC products revenue fell 9 percent to $62.4 million.
Synaptics adjusted profit was $12.7 million, or 37 cents per share, in the most recent quarter, down from $19.1 million, or 57 cents per share, a year earlier.
Analysts expected a profit of 34 cents per share on revenue of $123.9 million, according to FactSet.
Expenses rose 16.5 percent to $52.2 million, in part because of acquisitions.
The company forecast revenue of $134 million to $142 million for the fiscal second quarter, with sales of both PC and mobile products up compared to the first quarter. Analysts expect revenue of $136.1 million.
Synaptics shares fell 33 cents to close at $22.72 in the regular session. They jumped $3.03, or 13.3 percent, to $25.75 in after-hours trading.