Skyworks Solutions revenue up, net income down

0
13

WOBURN, Mass. (AP) ? Analog chipmaker Skyworks Solutions Inc. said Thursday that its fiscal first-quarter profit fell on several special items including acquisition costs, but revenue rose 17 percent.

The company said it was helped by growing demand for mobile Internet applications, and won more market share in smartphones, e-readers, tablets and LED televisions.

Skyworks forecast second-quarter revenue that would top analysts’ forecasts, but it called for adjusted earnings a penny per share below expectations.

Its shares rose $1.24, or 6.5 percent, at $20.47 in extended trading following the earnings report. They had ended the regular session up 15 cents at $19.23

For the quarter that ended Dec. 30, net income was $57.1 million, or 30 cents per share, compared with $60.9 million, or 32 cents per share, a year earlier.

Excluding special items such as acquisition and stock-based compensation costs, the company said it would have earned 51 cents per share, a penny better than analysts expected. A year ago, it earned 45 cents per share.

Revenue rose to $393.7 million, above analysts’ forecast of $391.9 million, according to FactSet.

For the March 31 second quarter, the company said it expected adjusted earnings of 40 cents per share and revenue of $360 million. Analysts had been expecting 41 cents per share and $348.9 million.