Skyworks Solutions posts fourth quarter earnings, beats expectations
Skyworks Solutions, a semiconductor company poised to benefit from the trend towards the Internet of Things (broadly speaking, the widespread connection of numerous devices to the internet) posted fourth quarter earnings this week, exceeding expectations for performance, both in the quarter and the full year. The company said that revenue for the quarter was up by 18% year on year, beating consensus estimates, while earnings per share rose 24% over the same period to $1.82 – a 7¢ beat against analysts’ expectations.
Skyworks’ share price has risen by 45% so far this year
SOURCE: Yahoo Finance
For the full year, Skyworks said that revenue came in at a new high of $3.7 billion – that’s 11% higher than the company managed in 2016. Earnings also set a new record of $6.45 per share, up 16% against the previous year. The company said they now expect first quarter earnings in 2018 to hit $1.91 per share (19% higher than the first quarter of 2017) and revenue to come in at $1.05 billion (15% higher than the first quarter of 2017).
The company’s president and CEO, Liam Griffin, said: “Skyworks is capitalizing on global demand for connectivity across Mobile and Internet of Things ecosystems as demonstrated by our record fourth quarter and fiscal 2017 performance.
“The connected economy is gaining significant momentum and enhancing the way we live, work, play and educate. At the same time, the broad range of usage cases and expanding scope of newly connected platforms are crowding radio spectrum and stressing network capacity. These dynamics portend a digital traffic jam while creating a tremendous opportunity.
“Given our strategic investments, technology breadth and differentiated system solutions, Skyworks is well positioned to empower revolutionary 5G applications, enabling up to 100x increases in speed and near-zero latency with expanding network capacity. Our ambitious vision of ‘connecting everyone and everything, all the time’ has never been more relevant and exciting.”
Dominion holds Skyworks Solutions in its Global Trends Ecommerce Fund.
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