Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Skyworks Solutions (NASDAQ:SWKS) reached for the sky today, up by 14% at the high, after the company reported earnings and raised guidance.
So what: Revenue jumped 15% to $454 million, resulting in non-GAAP earnings per share of $0.55. Both results narrowly topped analyst estimates, but the company also boosted its outlook in the current quarter, which is typically seasonally slower. Revenue is expected to notch a 15% year-over-year increase in the quarter.
Now what: Expectations heading into earnings may have been muted, since Skyworks is an iPhone supplier and Apple's unit figures disappointed investors. Skyworks said a pipeline of product launches along with additional market share gains will translate into revenue of approximately $420 million with non-GAAP earnings per share of $0.47. That's better than the Street was modeling for.
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