Semiconductor stock Skyworks Solutions (SWKS.US) jumped 11% as the firm posted better-than-expected quarterly results. The company earned an adjusted $3.36 a share while analysts expected earnings of $2.08 a share. Revenues topped estimates as well and amounted to $1.51 billion (exp. $1.06 billion). The company did extremely well on a year-over-year basis - earnings surged 100% YoY while sales jumped 69% YoY.
Wireless-chip maker cited a wave of 5G smartphone launches from Samsung, Oppo, Vivo, Xiaomi “and other tier-1 players”. Even though the company did not mention Apple directly, it is said that the firm’s earnings were fueled by Apple’s new iPhone 12 series - Apple is namely a big Skyworks customer.
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Skyworks Solutions (SWKS.US) stock broke above an upward channel thus climbing to fresh all-time highs amid upbeat Q4 results. However, some gains have already been erased. Source: xStation5
