Skyworks Solutions Beats Q2 Expectations

Skyworks Solutions Inc SWKS reported strong Q2 results Thursday and beat the Street's expectations.

Revenue came in at $762 Million, up 58 percent Year-over-Year, beating the Wall Street consensus of $750.82 million.

Non-GAAP Diluted EPS was $1.15, up 85 percent Year-over-Year, beating the Wall Street consensus of $1.13 while GAAP EPS was $0.85 for Q2.

The results came in below the Estimize EPS consensus of $1.17, however, it was above the revenue expectation of $759.78 million.

"Skyworks' outperformance underscores the success of our diversification strategy, as positive momentum across our customer base, end markets and product lines helped to mitigate normal March quarter seasonality," said David J. Aldrich, chairman and chief executive officer of Skyworks.

The company guided Q3 revenue at $800 million with a 130 bps increase in gross margin, with Non-GAAP Diluted EPS of $1.28.

The Q3 guidance was higher than the Wall Street consensus of $1.20 EPS on revenue of $782.55 million.

"As the market leader in complex analog and RF integration, we are the primary beneficiary of the industry's increasing adoption of systems solutions," said Donald W. Palette, executive vice president and chief financial officer of Skyworks. "This is transforming our business model, as evidenced by our margin expansion, driving strong financial returns.

Skyworks Solutions Inc traded at $95.26 in the after hours session, up 3.26 percent.