Shares of Skyworks Solutions (Nasdaq: SWKS) were up nearly 11 percent Friday morning, a day after the Woburn-based semiconductor company beat analysts’ expectations on revenue and earnings in the third quarter of this year, buoyed by increased demand for Internet-enabled devices and the burgeoning Internet of Things industry.
The company saw its revenue for the quarter ending June 27 hit $587 million, up 35 percent from same period a year before — 3 percent higher than what analysts were expecting. Skyworks also said its non-GAAP diluted earnings per share for the quarter was 83 cents per share, nearly 4 percent higher than what analysts were predicting.
Regarding future growth, Skyworks CFO Donal Palette said in an earnings call that the company will “continue to see tremendous earnings potential ahead.”
“Skyworks is entering a new and exciting growth phase driven by global wireless proliferation and the Internet of Things,” said David J. Aldrich, CEO of Skyworks, in a statement. “Quite simply, we are capitalizing on the macro trend to connect virtually everyone and everything, all the time. Our high performance analog solutions and system-level integration capabilities coupled with our operational agility and scalability are enabling us to connect the previously unconnected. Accordingly, Skyworks is setting the pace for analog semiconductor industry growth in terms of both revenue and value creation.”
Aldrich in the earnings call said Skyworks’ growth can be attributed to increased data capacity requirements for devices, expansion into new categories such as automotive, medical and industrial; and new device categories such as wearable electronics and home lighting and security.
Shares of Skyworks were about $51.37 as of 10 a.m. Friday.