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What: Shares of Skyworks Solutions (SWKS +1.11%) have crashed today by as much as 15% after the company reported earnings.
So what: Revenue in the fourth quarter rose 8% sequentially to $421 million, with operating margins expanding in the process. Non-GAAP earnings per share came in at $0.53, so both top and bottom lines technically beat consensus estimates.
Now what: Despite the beat, investors were likely expecting more upside from Skyworks' power amplifier module spot in Apple's iPhone 5, and next quarter's guidance didn't help. CFO Donald Palette said macro conditions remain challenging, but product ramps should help results. Revenue should increase 7% sequentially to around $450 million, which is just about what investors were already expecting.
