(RTTNews) - Semiconductor company Synaptics Inc. (SYNA) on Thursday reported a narrower third-quarter loss, driven by double-digit revenue growth.
Net loss narrowed to $8.0 million, or $0.21 loss per share, from a net loss of $21.8 million, or $0.56 loss per share, in the year-ago quarter. Adjusted net income increased to $44.1 million, or $1.09 per share, from $35.3 million, or $0.90 per share, a year ago.
Revenue increased 10% to $294.2 million from $266.6 million last year, driven primarily by a 31% increase in Core IoT product sales.
Gross margin improved to 45.3% from 43.4% last year, while adjusted gross margin edged up to 53.6% from 53.5%.
For the fiscal fourth quarter, Synaptics expects revenue of about $305 million, plus or minus $10 million and adjusted earnings of $1.20 per share, plus or minus $0.15 per share.
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