Apple supplier Skyworks forecasts strong 2nd-qtr, shares jump
Skyworks Solutions Inc, a supplier to Apple Inc, forecast better-than-expected revenue for the traditionally slow second quarter, pushing its shares up almost 15 percent in extended trade.
The company also reported higher-than-expected first-quarter results on improved demand for its chips used to connect cellphones to networks.
Skyworks said on Wednesday it expects revenue of $420 million for the current- quarter. Analysts on average were expecting revenue of $415.8 million.
"For our second fiscal quarter we see continuing momentum as key program ramps and growth in new product categories help to offset normal seasonality," Chief Executive Dave Aldrich said in a conference call with analysts.
Other Apple suppliers including audio chipmaker Cirrus Logic Inc and chipmaker Broadcom Corp have forecast weaker-than-expected current-quarter revenue.
Skyworks' net income rose to $66.5 million, or 34 cents per share, in the first quarter, from $57.1 million, or 30 cents per share, a year earlier.
Excluding items, the company earned 55 cents per share.
Revenue rose 15 percent to $454 million.
Analysts on average had expected earnings of 54 cents per share on revenue of $450.5 million.
Skyworks shares were trading at $24.20 after the bell after closing at $21.56 on the Nasdaq.
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