Synaptics is a developer and supplier of custom-designed semiconductor solutions. It operates as a “fabless” company and was founded in 1986. Through time, it has evolved toward a premium human interface hard and software specialist for electronic devices and products. In 2020, Michael Hurlston became the new CEO. He focuses on developing the IoT solutions which have a better profitability profile than the two other segments (PC & Mobile). The IoT business represented 60% of the revenues at the end of FY2023 (vs ~20% in FY2019). The industry is currently facing inventory corrections. As a result, the company experienced a sharp decline in revenue in 2023 (-23% yoy). These headwinds should last a few quarters at least but the industry and the company long term outlook seems promising.
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