Net revenue for the second quarter of fiscal 2020 was up 14% sequentially to $388.3 million and exceeded the guidance the company provided last quarter. GAAP net income for the second quarter of fiscal 2020 was $19.8 million, or $0.58 per diluted share. Non-GAAP net income for the second quarter of fiscal 2020 increased $29.1 million sequentially to $70.1 million, or $2.04 per diluted share, a record for the company.
“Our December quarter was better than expected due to unusually strong demand for our PC products and from our largest mobile customer during the holiday season,” said Michael Hurlston, president and CEO, Synaptics. “Early efforts to focus our resources on high margin products coupled with greater operational discipline resulted in a record quarter for non-GAAP net income and EPS. We are making good progress in defining our long-term portfolio and in transforming Synaptics into a company with differentiated franchise businesses that can generate sustainable and profitable growth.”
Cash at Dec. 31, 2019 was $425 million. Cash flow from operations during the second quarter of fiscal 2020 was $73 million.
“We had a record finish to calendar 2019 and continue to maintain a healthy backlog of $284 million entering the March quarter and expect that subsequent bookings, customer forecasts and product sell-in and sell-through patterns will result in revenue for the third quarter of fiscal 2020 to be in the range of $330 to $350 million,” said Dean Butler, CFO of Synaptics. “Based upon this guidance, we expect the revenue mix from mobile, IoT and PC products to be approximately 52%, 24% and 24% respectively.”