Synaptics stock falls after company beats on earnings, says CFO is leaving
Synaptics Inc. shares fell 4.6% in the extended session Thursday after the company announced the departure of its chief financial officer and beat Wall Street earnings expectations. The company reported fiscal second-quarter net income of $12.8 million, or 36 cents a share, compared with losses of $82.4 million, or $2.42 a share, in the year-ago period. Adjusted for items such as acquisition costs and stock-based compensation, among other things, earnings were $1.55 a share. Revenue rose to $425.5 million from $430.4 million in the year-ago period. Analysts surveyed by FactSet had estimated $1.38 a share on revenue of $421.5 million. For the fiscal third quarter, analysts predict adjusted earnings of 96 cents a share and sales of $393 million. CFO Wajid Ali has been at Synaptics for 15 years and the company said he was leaving to go to another publicly traded company. Synaptics stock has fallen less than 1% in the past year, with the S&P 500 index rising 1.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.