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Chipmaker Skyworks Solutions Narrowly Beats Quarterly Targets

Chipmaker Skyworks Solutions (SWKS) late Thursday edged Wall Street’s sales and earnings targets for its fiscal third quarter. SWKS stock fell in extended trading.




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The Irvine, Calif.-based company earned an adjusted $2.15 a share on sales of $1.12 billion in the quarter ended July 2. Analysts expected Skyworks earnings of $2.14 a share on sales of $1.1 billion. In the year-earlier period, Skyworks earned $1.25 a share on sales of $737 million.

In after-hours trading on the stock market today, SWKS stock dropped 4.4%, near 188.10. During the regular session Thursday, SWKS stock rose 2.4% to 196.67.

SWKS Stock Clears Buy Point

Earlier in the trading session Thursday, Skyworks stock returned to the 5% buy zone of its recent attempted breakout.

On July 14, SWKS stock hit a buy point of 193.74 out of a cup-with-handle base, according to IBD MarketSmith charts. But it couldn’t hold on to its gains and ended the day below the buy point. It then traded sideways until surging higher on Thursday.

Skyworks makes wireless networking chips. It produces analog semiconductors for the aerospace, automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets.

Other semiconductor stocks moving on earnings news Thursday included Allegro MicroSystems (ALGM), MaxLinear (MXL) and Power Integrations (POWI).

Earnings report details to follow.

Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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