Synaptics higher as Pac Crest reports of Galaxy S5 design win
Pac Crest thinks Synaptics (SYNA +3.3%), already the touch controller supplier for Samsung's Galaxy S4, has won the touch controller slot for the Galaxy S5, which it expects will launch in early Q2. The firm asserts Synaptics' Hover tech, which enables touch-free gestures on the S4 and Samsungs' Galaxy Note hardware, allowed the company to beat out rivals Atmel (ATML -0.2%), Cypress (CY -1.8%), and South Korea's Melfas, who it thinks can't offer similar functionality. The S4 and Note design wins have contributed to the triple-digit mobile sales growth Synaptics has seen in recent quarters. Shares recently sold off due to soft Dec. quarter guidance; at the time, CEO Rick Bergman stated new mobile product launches due in early 2014 would give his company a lift.
This latest design win with Google further underscores Synaptics's growing leadership in the mobile market and our commitment to forging strong partnerships across the mobile ecosystem to deliver groundbreaking, marketleading touchscreen technologies. As an investor, Synaptics shows outstanding growth. In the first quarter of 2014, the company reported revenue of $222.6 million, which is an amazing 75% increase over $127 million for the same quarter last year. Synaptics reported that 73% of revenue reported was due to mobile product sales, which was up 152% year-over-year.
Considering our backlog of approximately $117.0 million entering the typically front-end loaded December quarter, customer forecasts, and the resulting expected product mix, we anticipate revenue (exclusive of the impending closure of the acquisition of Validity) to be in the range of $192.0 million to $208.0 million for the second quarter, an increase of 34% to 45% on a year-over-year basis.
a major notebook PC OEM has selected its ForcePad technology to power its latest premium notebook, marking the first global OEM to bring Synaptics' ForcePad technology to market. As part of Synaptics' next generation of TouchPad touch solutions, ForcePad is the PC industry's first TouchPad that incorporates pressure recognition and delivers a new dimension of control for consumers
Forbes Lists #19 America's Best Small Companies At a Glance Industry: Computer Hardware Founded: 1986 Country: United States CEO: Richard A. Bergman Website: www.synaptics.com Employees: 852 Sales: $664 M Headquarters: San Jose, California
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The touchscreen industry is expected to top $14 billion by 2016 with a compound annual growth rate of 18%. Touch functionality in mobile devices is predicted to grow from 1 million units shipped in 2010 to 50 million by 2016.
Synaptics is poised for considerable growth. In its most recent quarter, the company saw a 75% increase in revenue, to $222.6 million, compared with the same period last year. Mobile product sales, which account for 73% of total revenue (PC sales account for the rest) were up 152% from a year ago.