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) surged 10% today after the chipmaker's quarterly results and outlook topped Wall Street expectations.

So what: The stock has soared over the past six months on signs of accelerating growth, and today's second-quarter results -- earnings per share of $0.62 beat the consensus by $0.03 on a revenue increase of 13% -- coupled with an upbeat outlook only reinforce that trend. In fact, Skyworks' operating margin expanded 370 basis points year over year to 27.1%, suggesting that its cost structure and competitive position are also improving.

Now what: Management now sees current-quarter EPS of $0.73 on revenue of about $535 million, well ahead of the consensus of $0.63 and $487 million. "By providing custom solutions that help our customers solve increasingly complex design challenges, we are enabling connectivity across a number of new and previously unimagined end markets and applications," said President and CEO David Aldrich in a prepared statement. "Our expanding market footprint, customer relationships and design win pipeline are translating into accelerating growth and improving financial returns." Of course, with the stock now up more than 100% over its 52-week low and trading at a steep-ish P/E of 25, much of those prospects might already be baked into the valuation.  

Brian Pacampara has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.