Skyworks Solutions (SWKS) Reported Stronger Than Expected Quarter

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A positive quarterly report by chip manufacturer Skyworks Solutions Inc (NASDAQ: SWKS) was released last week. More specifically, they benefit from the emergence of 5G networks and increases in the number of smartphones supporting this technology.

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For the quarter ended January 1, 2021, Skyworks’ revenue increased by 69 % on a year-over-year basis to a record $ 1.51 billion. Diluted earnings per share $3.05. The company’s performance exceeded Wall Street’s expectations. This was mainly the consequence of stable contracts with Samsung, Xiaomi, and other significant players, including Apple.

Skyworks Solutions (SWKS) ramps up chip production for flagship and other new smartphone models that include 5G support. Skyworks also has a platform called Sky5, which enables the development of electronic interfaces and modules rapidly. Mobile Breakthrough, a leading independent research organization, had awarded Best Commercial 5G Solution in 2020.

Last quarter, Skyworks began sending 5G amplifiers and receiver modules to European manufacturers of cellular base stations. Several 5G projects, including those for connected cars and IoT, have been partnered between Skyworks and Taiwanese semiconductor manufacturer MediaTek. Toyota and Volkswagen use the Skyworks system in their automobile security systems.

Skyworks Solutions Inc. (NASDAQ: SWKS) ‘s stock price increased 9.77% to $185.79 in the previous market close. The performance of the stock can be gauged by several metrics so far this year. In the 52 weeks ending today, the high price of SWKS was $188.34, which is 1.35% above the current price. However, SWKS is currently trading above its 52-week low of $67.90.

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