Synaptics Q1 Results Miss Estimates

(RTTNews) - Synaptics Inc. (SYNA) reported net income for the first quarter of $26.6 million or $0.68 per share, compared to $34.9 million or $1.00 per share for the year-ago quarter.

Excluding items, adjusted net income for the latest quarter was $40.9 million or $1.04 per share, compared to $45.9 million or $1.31 per share in the prior year quarter.

Net revenue for the first quarter rose 27% to $282.74 million from $222.61 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.19 per share on revenue of $288.38 million for the third quarter. Analysts' estimates typically exclude special items.

Looking forward, the company forecasts second quarter revenue of $415 million to $450 million. Analysts currently expect the company to post revenue of $435.80 million for the fourth quarter.