Skyworks Solutions (SWKS -2.26%) investors weren't impressed by the company's fiscal second-quarter results. Shares of this Apple (AAPL -0.66%) component supplier fell sharply after the earnings report was released late last week -- which is a tad surprising, as the company beat Wall Street's expectations and issued solid guidance.

Investors still confident in this company's potential might want to use the sharp pullback as an opportunity to buy more shares of Skyworks Solutions. Here are a few simple reasons why.

Skyworks Solutions is riding the 5G smartphone wave

Skyworks' revenue shot up 53% year over year in Q2 to $1.17 billion, while non-GAAP earnings jumped 77% over the prior-year period to $2.37 per share. Those numbers bested analysts' expectations of $2.35 per share in earnings on revenue of $1.15 billion. As expected, the terrific growth in Skyworks' top and bottom lines was driven by the growing demand for 5G smartphones across the globe, and solid momentum in the Internet of Things (IoT) market.

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The mobile business, which produced two-thirds of Skyworks' revenue last quarter, recorded 47% growth over the prior-year period thanks to higher wireless content in 5G devices and their fast-growing shipment numbers. Strategy Analytics estimates that global 5G smartphone shipments shot up 458% year over year in the first quarter of 2021 to nearly 134 million units.

Apple -- Skyworks' largest customer as it generates 56% of revenue -- sold the most 5G smartphones during the quarter, moving 40.4 million 5G phones, which isn't surprising given the competitive advantage it enjoys over rivals. Chinese original equipment manufacturers (OEMs) OPPO and Vivo followed Apple. These two companies shipped a combined 41 million 5G smartphones during the quarter. Samsung and Xiaomi round out the list of the top five 5G smartphone vendors with nearly 34 million units in combined shipments. And the thing that these top 5G smartphone vendors -- accounting for 85% of 5G smartphone shipments last quarter -- have in common is that all of them are Skyworks customers.

While Apple is using multiple Skyworks chips in the iPhone 12 lineup, CEO Liam Griffin explained that the others are also increasing their usage of the company's 5G offerings across several devices. "In mobile, we expanded the reach of our Sky5 portfolio across premium and mid-tier 5G smartphone launches at Samsung, Oppo, Vivo, Xiaomi, and other leading OEMs," Griffin said.

Strategy Analytics estimates that 340 million smartphones were shipped in Q1, which means that 5G devices accounted for nearly 40% of overall shipments. IDC forecasts that 5G smartphones will account for 69% of overall smartphone shipments of 1.53 billion units by 2025. Skyworks looks like one of the best bets to take advantage of the boom in 5G smartphone sales, as the top players in this market all use its chips.

The Internet of Things business is blowing up

Skyworks Solutions gets the remainder of its revenue from what it calls the broad markets portfolio. This segment supplies chips for fast-growing wireless connectivity verticals such as routers, Wi-Fi 6 devices, home security, wireless audio, smart homes, automotive, and industrial. To put it simply, Skyworks is tapping the Internet of Things market through this segment, and it is doing so quite successfully.

The broad markets portfolio registered 67% year-over-year revenue growth to $385 million, a quarterly record. Additionally, Skyworks painted a bright picture of the future of this business, touting multiple design wins across major networking companies such as Netgear, Deutsche Telekom, and Nokia, among others. It also supplied chips to Microsoft and Sony for wireless gaming headsets, and it scored design wins in Alphabet's Google Nest smart home lineup.

The company also supplies chips to major automotive OEMs such as Volkswagen, Toyota, and even Tesla. More importantly, it is now betting big on the automotive connectivity market with its $2.75 billion purchase of the infrastructure and automotive business of Silicon Laboratories. This is a smart move from Skyworks, as the connected vehicle market is expected to clock more than 24% annual growth through 2026, according to Mordor Intelligence.

Skyworks Solutions has multiple catalysts that will drive its growth over the long run. As such, it would be a good idea to take advantage of any pullback in the company's stock price. It is not just a top 5G play. It is also turning out to be an attractive IoT pick that trades at just 16 times forward earnings despite terrific growth.