- The stock price of Synaptics, Incorporated (NASDAQ: SYNA) fell by 10.63% in the most recent trading session. This is why.
The stock price of Synaptics, Incorporated (NASDAQ: SYNA) fell by 10.63% in the most recent trading session.
Why: Synaptics (NASDAQ: SYNA) reported a Q2 EPS of $2.20, which was $0.14 lower than a consensus of $2.34. And the revenue for the quarter was $353.1 million compared to a consensus of $365.38 million.
KEY QUOTES:
“Given the macroeconomic environment, we are pleased with these results, particularly our ability to maintain margins. In terms of the product portfolio, we remain confident in our automotive, wireless, and video interface offerings. In each of these three areas, we showcased new products at CES, all of which increase our dollar per platform opportunity and should serve to both increase overall share and drive long-term growth for the company.”
— Michael Hurlston, Synaptics’ President and CEO
“Our customers are continuing to work down inventories and remain cautious with their near-term demand forecasts. As a result, we expect a modest sequential revenue decline in the March quarter. Synaptics continues to generate strong cash flows, have a best-in-class margin profile, and maintain a commitment to its capital allocation priorities.”
— Dean Butler, Chief Financial Officer of Synaptics
