: Skyworks stock rises on earnings, outlook

/ / News

Skyworks Solutions Inc. SWKS shares rose in the extended session Monday after the chip maker’s results and outlook topped Wall Street estimates. Skyworks shares rose 2% after hours, following a 0.6% rise in the regular session to close at $142.12. The company reported fiscal fourth-quarter net income of $246.9 million, or $1.46 a share, compared with $210.6 million, or $1.22 a share, in the year-ago period. Adjusted earnings were $1.85 a share. Revenue rose to $956.8 million from $827.4 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.52 a share on revenue of $842.4 million. Skyworks expects adjusted fiscal first-quarter earnings of about $2.06 a share in the midpoint of its revenue range of $1.04 billion to $1.07 billion, while analysts had forecast earnings of $1.81 a share on revenue of $934.4 million. “We expect double-digit sequential revenue and earnings growth in the December quarter, fueled by content gains and product ramps across multiple 5G-enabled smartphone platforms and increased demand across our broad markets portfolio,” said Kris Sennesael, Skyworks chief financial officer, in a statement.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.