Why Shares of Synaptics Jumped Today

Shares of Synaptics (NASDAQ: SYNA) surged on Wednesday after the company reported strong fiscal first-quarter results. Synaptics beat analyst estimates across the board, and it provided solid second-quarter guidance. The stock was up about 15.5% at 12:45 p.m.

Synaptics reported first-quarter revenue of $417.4 million, up 8% year over year and about $19 million higher than the average analyst estimate. Mobile products accounted for about 70% of revenue, with mobile revenue down 7% year over year to $292.9 million. PC products produced $65.3 million of revenue, up 19% year over year, while Internet of Things revenue totaled $59.2 million. IoT revenue includes $20.2 million of revenue formerly classified as mobile revenue.

Image source: Synaptics.

Source: Fool.com