UPDATE: Skyworks Posts Upbeat Q1 Profit, Issues Upbeat Q2 Forecast
Skyworks Solutions (NASDAQ: SWKS) reported a 16% rise in its fiscal first-quarter earnings and issued an upbeat forecast for the second quarter.
For the current quarter, Skyworks projects adjusted earnings of $0.47 per share on revenue of about $420 million. However, analysts expected earnings of $0.46 per share on revenue of $416 million.
Skyworks' quarterly profit surged to $66.5 million, or $0.34 per share, from $57.1 million, or $0.30 per share, in the year-ago period. Excluding one-time items, it earned $0.55 per share.
Its revenue climbed 15% to $453.7 million. Skyworks in November had expected earnings of $0.54 per share on revenue of $450 million.
Its gross margin narrowed to 42.4% from 43.6%.
Skyworks shares gained 12.24% to $24.20 in after-hours trading.
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