Skyworks Solutions Inc SWKS is trading significantly lower Friday morning despite announcing quarterly financial results that narrowly beat estimates.
Skyworks reported quarterly earnings of $2.15 per share, which beat the estimate by a penny. The company reported quarterly revenue of $1.12 billion, which came in slightly higher than the estimate of $1.10 billion.
Skyworks raised its quarterly dividend from 50 cents per share to 56 cents per share.
“Skyworks delivered record third quarter results, with strong year-over-year growth in both revenue and earnings per share. Looking ahead, we expect continued momentum as we execute on strong design wins with our mobile and broad markets customers," said Liam Griffin, chairman, president and CEO of Skyworks.
Analyst Assessment: Needham analyst Rajvindra Gill maintained Skyworks with a Buy rating and raised the price target from $245 to $255.
Mizuho analyst Vijay Rakesh maintained Skyworks with a Buy rating and raised the price target from $210 to $215.
Price Action: Skyworks has traded as high as $204 and as low as $130.72 over a 52-week period.
At last check Friday, the stock was down 8.0% at $180.90.
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