UPDATE: Skyworks Posts Upbeat Q1 Profit, Issues Upbeat Q2 Forecast

Skyworks Solutions

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.