Skyworks Share Drops After Results, Outlook Tops Street View

Skyworks Solutions Inc. SWKS,
shares fell during Thursday’s extended session, even after the semiconductor component company’s results and outlook exceeded Wall Street estimates. Skyworks shares fell 5% after hours, rising 2.4% in the regular session to close at $196.67. The company reported third-quarter net income of $337.8 million, or $2.02 per share, compared to $129.7 million or 77 cents per share in the same period a year ago. Adjusted earnings, excluding share-based compensation and other items, were $2.15 per share, compared to $1.25 per share in the same period a year ago. Revenue rose to $1.12 billion, from $736.8 million in the year-ago quarter. Analysts had forecast $2.14 per share on revenue of $1.11 billion. Skyworks forecast adjusted earnings of approximately $2.53 per share if revenue for its fiscal fourth quarter fell in the middle of its estimated revenue of $1.27 billion to $1.33 billion. Analysts polled by FactSet had estimated $2.47 per share on $1.23 billion in revenue.