Q4 2024 Synaptics Inc Earnings Call Transcript
Key Points
- Synaptics Inc (SYNA) achieved a 63% year-over-year growth in core IoT products, primarily driven by wireless advancements.
- The company successfully cleared most of its inventory issues, positioning itself for steadier growth in revenue and earnings.
- Synaptics Inc (SYNA) is ahead of schedule with its first Wi-Fi 7 device, expecting to sample customers soon.
- The company has made significant progress with its smart embedded processors, generating interest from a broad set of customers.
- Synaptics Inc (SYNA) reported a non-GAAP EPS above the forecast, aided by lower-than-anticipated operating expenses.
- Revenue for fiscal 2024 was down 29% compared to the prior year, largely due to declines in core IoT and enterprise and automotive products.
- The recovery in enterprise product sales has been slower than expected, with IT spending on personal hardware remaining below historic norms.
- The overall market softness in automotive is slowing the adoption of new technology, affecting the uptake of new products.
- Mobile product revenue was down 6% year over year and 11% sequentially, primarily due to seasonal trends.
- Despite clearing inventory issues, the demand environment remains muted, impacting the expected level of shipments.
Good day and thank you for standing by. Welcome to the Synaptics, Inc., fourth-quarter fiscal year 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Munjal Shah, Vice President of Investor Relations. Please go ahead.
Thank you. Good afternoon and thank you for joining us today on Synaptics' fourth-quarter fiscal 2024 conference call. My name is Munjal Shah, and I am the Head of Investor Relations.
With me on today's call are Michael Hurlston, our President and CEO; Ken Rizvi, our CFO; and Matt Padfield, our Vice President of Finance. This call is also being broadcast live over the web and can be accessed from the Investor Relations section of the company's website at synaptics.com. In addition to a supplemental slide presentation, we have also posted a copy of these prepared remarks on our Investor Relations website.
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