IMAGE SOURCE: Skyworks Solutions.

What happened

Shares of Skyworks Solutions (NASDAQ:SWKS) were up 11.6% as of 11:00 a.m. Friday after the company reported better-than-expected fiscal first-quarter 2017 results.

So what

Quarterly revenue fell 1.3% year over year, to $914.3 million, and translated to a 3.1% decline in adjusted net income to $301.6 million, or $1.61 per share. But those results were well above analysts' consensus estimates, which called for revenue of $902.7 million and adjusted net income of $1.58 per share. 

"Skyworks delivered exceptional financial results in the first fiscal quarter of 2017 fueled by global demand for ubiquitous mobile connectivity and the Internet of Things," added Skyworks CEO Liam Griffin. "We are enabling the next phase of the wireless revolution, powering new and previously unimagined applications."

Skyworks also announced a new $500 million share repurchase program, good through Jan. 17, 2019. The new program replaces Skyworks' previous $400 million authorization, which was approved last summer and had $95 million remaining.

Now what

Even despite typical industry seasonality in the current quarter, Skyworks anticipates fiscal Q2 revenue will climb 8% year over year, to $840 million, with adjusted earnings per share of $1.40. By comparison, Wall Street was modeling lower fiscal Q2 revenue of $818 million and adjusted earnings of only $1.24 per share.

As it stands after today's pop, shares of Skyworks have climbed 42% over the past year. But given its relative outperformance and encouraging business momentum right now, I won't be surprised if Skyworks stock continues to deliver market-beating returns in the coming quarters.