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After the closing bell on Tuesday, Skyworks Solutions (NASDAQ: SWKS) set the market ablaze with a soaring 6% surge in its share price following the release of its fiscal year 2024 first-quarter results and second-quarter guidance.
The semiconductor giant outpaced expectations, reporting an adjusted $1.97 per share on $1.2 billion in revenue, trumping estimates of $1.95 per share and meeting anticipated revenue. Notably, it recorded a record-breaking $753 million in operating cash flow during this period.
Looking ahead to the second quarter, Skyworks anticipates sales in the range of $1.02 billion to $1.07 billion, aligning closely with the $1.04 billion market consensus. However, its projected earnings of $1.52 per share fall short of the expected $1.55 per share.
“We expect our mobile business to be seasonally down sequentially, consistent with historical patterns, while in broad markets, we anticipate modest growth off the December quarter,” remarked Kris Sennesael, Skyworks’ senior vice president, and chief financial officer, about the forthcoming quarter.
Skyworks is renowned for manufacturing chips utilized in smartphones and other wireless devices, with tech titan Apple (AAPL) as its premier client.
Conversely, in the post-market domain, Skyworks’ counterparts faced a downturn, with Qorvo (QRVO) and Cirrus Logic (CRUS) witnessing declines of 3.3% and 2.3%, respectively.
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