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Skyworks Solutions (SWKS) Stock Pops on Q3 Earnings Beat

SWKS stock gained more than 4% after the bell Thursday

By Karl Utermohlen, InvestorPlace Writer


Skyworks Solutions (NASDAQ:SWKS) unveiled its latest quarterly earnings figures, which were well ahead of what analysts were calling for, sending shares popping after the bell Thursday.

Skyworks Solutions (SWKS)
Source: Shutterstock

The company brought in adjusted earnings of $1.64 per share for its third quarter of fiscal 2018, which was better than the $1.60 per share that analysts were calling for. The figure was also stronger than its year-ago adjusted earnings of $1.57 per share.

Revenue was also a strong metric for Skyworks Solutions in the period, coming in at $894.3 million, ahead of its year-ago revenue of $901 million. Analysts were projecting the company to rake in revenue of $889 million.

“Skyworks exceeded June quarter expectations driven by our broadening market reach, solid execution and resilient business model,” said Liam K. Griffin, president and CEO of Skyworks. “We are gaining first-mover advantage across Internet of Things and rapidly emerging 5G applications with our Sky5™ platform.”

“Leveraging our scale and decades of system-level expertise, we are positioned to capitalize on increasing demand for powerful and complex connectivity engines as the global data economy accelerates,” he added.

SWKS stock was up about 4.2% after the company reported its quarterly earnings beat, while shares were up 0.44% during regular trading hours in anticipation of the company’s results.

Article printed from InvestorPlace Media, https://investorplace.com/2018/07/skyworks-solutions-swks/.

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