The novel coronavirus outbreak has been hurting businesses across the globe, as the steps taken to contain the virus have brought economic activity to a near halt. So it wasn't surprising to see Skyworks Solutions (NASDAQ:SWKS) succumb to the impact of COVID-19 when it released its fiscal second-quarter results.

The chipmaker's third-quarter outlook fell short of Wall Street's expectations, as it had to shave $45 million from its guidance to account for the negative impact of COVID-19. Management cited "limited" visibility while offering revenue guidance of $670 million to $710 million, which missed consensus estimates of $720 million by quite some margin. The company expects adjusted earnings of $1.13 per share this quarter, lower than analysts' expectations of $1.24 per share.

But investors looking to add a 5G stock to their portfolio shouldn't pay much attention to those analyst estimates. There was a lot to like about Skyworks' latest quarterly report that could make it a top semiconductor pick for the future.

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Skyworks Solutions shows resilience

Skyworks' second-quarter results weren't too bad, despite the challenges posed by the coronavirus pandemic. The company's earnings of $1.34 a share were in line with estimates, and revenue of $766 million was slightly better than what Wall Street was looking for.

Its revenue was down 5% annually, but it would have been 4% higher had revenue at Huawei not been affected by coronavirus-related disruptions. Skyworks' business with Huawei has also been impacted in recent months by the U.S.-China trade war.

The chipmaker's revenue from the Chinese telecom giant now sits at "a much lower level than it was historically," which is why excluding it gives a good picture of where Skyworks currently is. More importantly, Skyworks claims to have scored design wins at other smartphone OEMs (original equipment manufacturers) in China such as Oppo, Vivo, and Xiaomi.

These Chinese OEMs -- along with Korean smartphone giant Samsung -- are likely to use Skyworks' 5G chips across the flagship phones if the design wins are approved. These developments could give Skyworks' mobile business -- which supplies nearly 70% of its revenue -- a nice shot in the arm, as demand for 5G smartphones has held up in the first quarter of the year.

5G smartphones will be a long-term catalyst

According to Strategy Analytics, 24.1 million 5G smartphones were shipped in the first quarter of 2020. That number easily exceeded the 18.7 million 5G smartphones that were shipped in all of 2019. Strong demand from China, the U.S., Europe, and South Korea drove shipments higher as OEMs launched new 5G-capable devices.

Strategy Analytics points out that Samsung, Huawei, Vivo, Xiaomi, and Oppo were the top five 5G smartphone vendors and together accounted for 95% of total shipments during the quarter. This could bode well for Skyworks' mobile business in the long run, as the company is engaging with all those vendors, according to the latest earnings conference call.

Of course, demand for 5G smartphones may take a hit in the coming months thanks to supply chain disruptions and the economic fallout of COVID-19, but investors should focus on the bigger picture. Market research firm Canalys predicted last year that 5G smartphone shipments could hit 800 million units in 2023, indicating that the market has a bright future despite the near-term headwinds.

For instance, smartphone demand in China is accelerating once again as factories restart and consumer spending returns. Additionally, carriers across the globe have kept up the pace of 5G deployments despite COVID-19-related challenges. This could set the stage for a bump in 5G smartphone sales as economic conditions start getting back on track.

Meanwhile, Skyworks should be able to get through the novel coronavirus-related challenges thanks to a debt-free balance sheet and a solid cash position of $1.1 billion. All of this makes Skyworks Solutions a stock worth buying, as it could step on the gas thanks to favorable developments in the 5G space.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.