Skyworks Q3 earnings meet estimates, revenues down; Q4 guidance mixed

From NASDAQ.: 2024-07-31 14:09:00

Skyworks Solutions reported third-quarter fiscal 2024 earnings of $1.21 per share, in line with estimates, with revenues of $905.5 million, a 15.5% drop year-over-year. Mobile revenues declined 21%, while broad markets increased by 1%.

Operating details show a non-GAAP gross margin of 46%, down 160 bps year-over-year. Cash flow was $273.5 million, with dividends worth $109 million paid.

For Q4 2024, Skyworks expects revenues between $1 billion and $1.04 billion, with earnings of $1.52 per share at mid-point revenue guidance.

Skyworks currently holds a Zacks Rank #3. Better-ranked options include Shopify, Apple, and Digital Ocean. Shopify and DigitalOcean have a Zacks Rank #1, while Apple has a Zacks Rank #2.

Looking ahead, Skyworks is primed for market growth while remaining competitive against other industry leaders.



Read more at NASDAQ.: Skyworks (SWKS) Q3 Earnings Meet Estimates, Revenues Down Y/Y