Synaptics Incorporated reported financial results for its first fiscal quarter ended Sept. 26, 2020.
Net revenue for the first quarter of fiscal 2021 was $328.4 million. GAAP net loss for the first quarter of fiscal 2021 was $2.8 million, or a loss of $0.08 per diluted share. Non-GAAP net income for the first quarter of fiscal 2021 was $66.7 million, or $1.85 per diluted share.
“Synaptics delivered a strong start to our fiscal year with first quarter revenues exceeding the mid-point of our guidance, gross margins above the high-end of our guidance, and the highest operating margins for the company in more than six years,” said Michael Hurlston, Synaptics’ president and CEO.
“We continue to benefit from the strong design pipeline across all of our businesses, with several new products ramping this quarter and contributing to the strong start of our fiscal year,” Hurlston added. “Our two recent acquisitions are outperforming our initial expectations and the integration of these new businesses is now completed. Together, we are in a much stronger position to drive profitable revenue growth going forward.”
“For our second fiscal quarter, we see continuing strong demand for our products and enter the quarter with a strong backlog,” said Dean Butler, CFO of Synaptics. “We also anticipate IoT to be our largest revenue contributor for Q2, surpassing our Mobile products for the first time.”