Skyworks Solutions (NASDAQ:SWKS) didn't end the week on a happy note, as investors were disappointed by the company's latest set of quarterly results -- which were actually quite impressive.
On Friday, Skyworks published its second-quarter figures for fiscal 2021, showing a new all-time high in revenue for the quarter at $1.17 billion. That was 53% higher on a year-over-year basis. Adjusted net profit shot 72% higher to over $395 million, or $2.37 per share.
On average, analysts tracking the semiconductor manufacturer were forecasting $1.15 billion on the top line, and $2.35 in per-share adjusted net profit.
A stock sell-off is typically the exact opposite of what happens when a company delivers an estimates-beating quarter. It's possible that investors were expecting Skyworks to crush analyst projections, as it did in the first quarter -- according to prognosticator forecasts compiled by The Wall Street Journal, the $3.37 per share the company netted in adjusted profit was miles above the collective $2.09 estimate.
As for guidance, Skyworks expects that in its current third quarter, revenue will come in at $1.075 billion to $1.125 billion. Per-share adjusted net profit should be $2.13. If achieved, the midpoint of the revenue range would represent 49% growth year over year, while the bottom-line increase would be 70%.
Skyworks, meanwhile, referred to the "outsized portion of the opportunities that lie ahead," with its recently announced acquisition of the infrastructure and automotive unit of Silicon Labs (NASDAQ:SLAB).
Clearly, none of this impressed Skyworks investors, who sold off the company by nearly 8.4% on Friday. That was far steeper than the 0.7% slip of the S&P 500 index on the day.