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2025-02-05 00:56
Shares of Synaptics fell about 14% on Tuesday after the company said President and CEO Michael Hurlston stepped down to join Lumentum (LITE) in the same roles.
Synaptics also said it expects fiscal second-quarter revenue to be about $267M, compared to the wireless connectivity product maker's prior guidance of $265M ± $15M. The consensus revenue estimate for the quarter is $265.37M.
KeyBanc Capital Markets said it finds this announcement surprising following the company's recent announcement regarding the extension of the Broadcom (AVGO) Wi-Fi agreement and given that Hurlston has been instrumental in turning the company around since joining in 2019.