Skyworks Solutions (NASDAQ:SWKS) shares rose Friday, following the release of Q1 earnings yesterday.
The innovator of high-performance analog semiconductors connecting people, places and things, reported revenue for the first fiscal quarter of 2021 was $1.510 billion, up 58% sequentially, substantially exceeding consensus estimates.
On a GAAP basis, operating income for the first fiscal quarter was $571 million with diluted earnings per share of $3.05. On a non-GAAP basis, operating income was $622 million with non-GAAP diluted earnings per share of $3.36.
Said CEO Liam Griffin, "Skyworks delivered all-time record quarterly results, leveraging our expansive technology reach.
"Demand for our proven solutions continues to accelerate across a growing set of customers and end markets, powering the world’s most impactful use cases, from 5G mobile platforms to IoT, wireless infrastructure, autonomous transport and machine-to-machine installations.
"Importantly, the multi-year wireless transition is now underway, creating a burgeoning set of new opportunities. With deep customer engagements, underpinned by decades of technology investments and scale, Skyworks is uniquely positioned to lead."
During the quarter, the company accelerated the ramp of Sky5 ® portfolio, supporting the next wave of 5G launches at Samsung, Oppo, Vivo, Xiaomi and other Tier-1 players.
It also partnered with ASUS to launch world’s first ultra-fast Wi-Fi 6E extended band router; launched Wi-Fi 6 engines for CenturyLink’s latest GPON media gateway; also shipped Wi-Fi 6 solutions for access points at leading network OEMs, including Cisco.
SKWS shares popped $21.42, or 13.4%, to $181.23.
