Feb 3 (Reuters) – Skyworks Solutions forecast second-quarter earnings above estimates on Tuesday, signaling strong demand for its chips used in 5G phones.
The shares of the company rose about 2% in extended trading.
The company, which is also a supplier for Apple’s 5G iPhones, has been benefiting from the increased adoption of the service which uses radio-frequency chips.
The chipmaker has further reaped the benefits from growing demand of iPhones, especially iPhone 17, which lifted sales across key markets.
Skyworks designs and manufactures analog and mixed-signal chips used in wireless communication, automotive, industrial and consumer electronics.
The company’s Broad Market continued to grow, supported by demand from Wi‑Fi 7, data centre and cloud infrastructure programs.
It forecast second-quarter revenue between $875 million and $925 million, compared with analysts’ estimate of $869.7 million according to data compiled by LSEG.
Skyworks expects adjusted profit of $1.04 per share for the quarter, ahead of the average estimate of 88 cents per share.
The company’s revenue for the fourth quarter was $1.04 billion, slightly above estimates of $1 billion.
(Reporting by Kritika Lamba in Bengaluru; Editing by Krishna Chandra Eluri)
Comments