Skyworks Solutions, Inc., an innovator of high-performance analog and mixed-signal semiconductors connecting people, places and things, has reported third fiscal quarter results for the period ended June 28, 2024.
Revenue for the third fiscal quarter of 2024 was $906 million. On a GAAP basis, operating income for the third fiscal quarter was $130 million with diluted earnings per share of $0.75. On a non-GAAP basis, operating income was $219 million with non-GAAP diluted earnings per share of $1.21.
“Skyworks generated solid results and strong profitability consistent with our guidance,” said Liam K. Griffin, chairman, chief executive officer and president of Skyworks. “Exiting the June quarter, our mobile business is ramping up while our broad markets business continues to recover. Over the medium-to-long-term, we expect generative AI applications will migrate to the edge, including the smartphone, driving a meaningful replacement cycle and leading to higher levels of RF complexity.”
Third Fiscal Quarter Business Highlights
- Secured 5G content for premium Android smartphones including Google Pixel 8a, Samsung Galaxy M, Oppo Reno12 and several others
- Supported the launches of Wi-Fi 7 tri-band routers and access points with NETGEAR, TP-Link and Cambium Networks
- Accelerated our design win pipeline in automotive, including telematics, infotainment and C-V2X
Fourth Fiscal Quarter 2024 Outlook
“For the September quarter, we expect revenue to be $1.00 billion to $1.04 billion with non-GAAP diluted earnings per share of $1.52 at the mid-point of the revenue range,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. “We expect our mobile business to be up approximately 20% sequentially, as demand and supply patterns appear to be normalizing. In broad markets, we expect modest improvement, representing three consecutive quarters of sequential growth. In addition, given our solid capital structure and strong year-to-date cash flow generation, we are announcing another increase to our quarterly dividend.”
Dividend Increase and Payment
Skyworks’ board of directors has declared a cash dividend of $0.70 per share of the Company’s common stock, representing a 3% increase from the prior quarterly dividend of $0.68 per share. The dividend is payable on Sept. 10, 2024, to stockholders of record at the close of business on Aug. 20, 2024.
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