Synaptics raises 4th-quarter revenue outlook

Synaptics raises 4th-quarter revenue forecast, cites demand for mobile products

Associated Press

SAN JOSE, Calif. (AP) -- Synaptics Inc. on Tuesday raised its fiscal fourth-quarter revenue outlook on strong demand for the touch-screen technology it makes for mobile devices.

The San Jose, Calif., company expects revenue between $227 million and $230 million for the period that ends Sunday. That is up from its prior forecast of revenue between $190 million to $205 million.

The forecast is well above market expectations, and the company's shares jumped in after-hours trading following the announcement. Analysts polled by FactSet, on average, were anticipating revenue of $198.6 million.

Synaptics said the increase is based on stronger revenue from mobile products, which it says is a result of strong demand for its array of designs. Synaptics makes creates touchscreen technology used in smartphones, tablets and notebook PCs.

The company expects to report the quarter's results on Aug. 1 after the market closes.

Shares soared more than 14 percent in after-hours trading to $41. Its stock added 72 cents to close regular trading at $35.87, just ahead of broader market gains.

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