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Synaptics Incorporated (SYNA-4.65%) has submitted its 10-Q filing for the quarterly period ended December 28, 2024.
The filing reports net revenue of $267.2 million for the quarter, an increase of 12.7% compared to $237.0 million in the same quarter the previous year. The increase was driven by growth in Core IoT and Enterprise and Automotive product applications.
Gross margin for the quarter was 45.7%, slightly down from 46.0% in the previous year. The decrease was attributed to a reduction in revenue from intellectual property licenses.
Research and development expenses were $83.3 million, up from $82.0 million, due to increased variable compensation costs. Selling, general, and administrative expenses increased to $49.5 million from $39.7 million, driven by higher stock-based compensation and bonus accruals.
The company reported a net income of $1.8 million for the quarter, compared to a net loss of $9.0 million in the previous year. This improvement was largely due to a one-time tax benefit.
Cash and cash equivalents decreased to $596.1 million from $876.9 million as of June 2024, primarily due to the repayment of the Term Loan Facility and repurchases of common stock.
The company issued $450.0 million in aggregate principal amount of 0.75% Convertible Senior Notes due 2031, using the proceeds to repay the Term Loan Facility and fund share repurchases.
Synaptics continues to focus on its Core IoT, Enterprise and Automotive, and Mobile product applications, with a strategic emphasis on expanding its market presence and operational efficiencies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Synaptics Incorporated quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.