Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Skyworks Solutions reached for the sky today, up by 14% at the high, after the company reported earnings and raised guidance.
So what: Revenue jumped 15% to $454 million, resulting in non-GAAP earnings per share of $0.55. Both results narrowly topped analyst estimates, but the company also boosted its outlook in the current quarter, which is typically seasonally slower. Revenue is expected to notch a 15% year-over-year increase in the quarter.
Now what: Expectations heading into earnings may have been muted, since Skyworks is an iPhone supplier and Apple's unit figures disappointed investors. Skyworks said a pipeline of product launches along with additional market share gains will translate into revenue of approximately $420 million with non-GAAP earnings per share of $0.47. That's better than the Street was modeling for.
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The article Why Skyworks Solutions Shares Reached for the Sky originally appeared on Fool.com.Fool contributor Evan Niu, CFA, owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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