Image source: Skyworks Solutions.

Shares of Skyworks Solutions (SWKS -3.41%) are trading 7% higher in early after-hours trading, following the release of Skyworks' first-quarter results.

Revenue for the quarter increased 11% year over year, to $505 million, driving non-GAAP earnings 22% higher, at $0.67 per share. These figures exceeded both management's first-quarter guidance and the average analyst estimates.

Skyworks exited the quarter with stable inventory levels and a $137 million increase in cash equivalents. The company does not carry any long-term debt on its balance sheet.

"We are capitalizing on unprecedented demand for wireless ubiquity and the Internet of Things," said CEO David Aldrich in the press release. Skyworks' next-generation 802.11ac Wi-Fi chips were held up as a big winner, next to wireless communications products for medical devices and wearable technology.

Looking ahead, Skyworks' management expects to grow faster than the analog chip industry in the next quarter. Sales should continue to grow 11% year over year alongside 23% earnings growth, unaffected by the industry's normal seasonal slump. Both targets are well ahead of current analyst estimates, lending further support to the earnings-driven price jump.