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Skyworks Solutions Shares Are Trading Lower Despite Q3 Earnings Beat, Robust Q4 Guidance

  • Skyworks Solutions Inc (NASDAQ: SWKSreported second-quarter FY21 revenue growth of 53% year-on-year to $1.172 billion, exceeding analyst estimate of $1.15 billion.
  • The broad markets portfolio continues to gain momentum, with strong sequential and year-over-year growth, CEO Liam K. Griffin said. The core business combined with the pending acquisition of the Infrastructure and Automotive business of Silicon Labs position Skyworks to capture an outsized portion of the opportunities that lie ahead, added Griffin.
  • Non-GAAP gross margin expanded 60 basis points to 50.8%. Non-GAAP operating margin expanded 510 basis points to 37.6%.
  • Non-GAAP EPS of $2.37 beat the analyst estimate of $2.35.
  • The company generated $615.7 million in operating cash flow. It held $1.1 billion in cash and equivalents.
  • The board declared a cash dividend of $0.50 per share payable on June 8, 2021.
  • Guidance: Q3 revenue guidance lies between $1.075 billion and $1.125 billion. The company expects continued momentum and growth into the June quarter from robust demand for connectivity solutions in mobile and broad markets. The analyst estimate was $1.07 billion.
  • Non-GAAP EPS outlook is $2.13 against the analyst estimate of $2.1.
  • It is worth noting that SWKS stock had run up 23.8% in the last quarter going into earnings.
  • Price action: SWKS shares traded lower by 7.76% at $182.5 in the premarket session on the last check Friday.

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