Synaptics Jumps On Strong Q1; But Q2 Revs Look Light

Synaptics (SYNA) shares are sharply higher in late trading after the maker of PC and mobile phone touch pads posted better-than-expected results for the fiscal first quarter ended September 30.

For the quarter, the company posted revenue of $119.6 million, up 4% sequentially and 3% year-over-year, and ahead of the Street at $116.4 million. Non-GAAP profits of 48 cents beat the Street by six cents.

For the December quarter, the company sees revenue of $128 million to $134 million; that is below the Street consensus of $137.1 million. Synaptics said its revenue outlook for the June 2010 fiscal year remains $495 million to $525 million.

During the quarter, the company bought back 1 million shares for a total of about $25.5 million.

In late trading, SYNA is up $2.44, or 10.3%, to $26.10.