Skyworks Share Drops After Results, Outlook Tops Street View

Skyworks Solutions Inc. SWKS,
+2.39%
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.

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