Why Skyworks Stock Is Surging After Hours

Skyworks Solutions Inc SWKS shares are trading higher in Monday's after-hours session after the company reported fiscal first-quarter results and announced a buyback.

What Happened: Skyworks reported first-quarter revenue of $1.33 billion, which was in line with average analyst estimates, according to Benzinga Pro. The semiconductor company reported quarterly earnings of $2.59 per share, which missed consensus estimates of $2.61 per share. 

Skyworks highlighted record quarterly cash flow of $773.4 million in the first quarter. 

Skyworks' board also authorized a buyback of up to $2 billion of the company's common stock from time to time through Feb. 1, 2025. 

"Moving forward, Skyworks is well positioned to navigate a challenging macro backdrop with its highly profitable business model, leading connectivity technologies and an expanding set of customers across many of the strongest market segments," said Liam Griffin, chairman, president and CEO of Skyworks.

Skyworks expects fiscal second-quarter revenue to be between $1.125 billion and $1.175 billion versus estimates of $1.19 billion. The company sees second-quarter adjusted earnings of $2.02 per share at the midpoint versus estimates of $2.24 per share.

See Also: After-Hours Alert: Why Pinterest Stock Is Tumbling

SWKS Price Action: Skyworks has a 52-week high of $145.82 and a 52-week low of $76.16. 

The stock was up 3.14% in after hours at $112.71 at time of publication, according to Benzinga Pro.

Photo: Dan Williams from Pixabay.

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Posted In: EarningsNewsMoversLiam Griffinwhy it's moving
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