Why Skyworks Solutions Stock Soared Today
Shares of Skyworks Solutions (NASDAQ: SWKS) found a strong signal on Tuesday. After posting a solid earnings report, the designer of wireless communication chips saw stock prices rise 12.9% just before the closing bell.
In the first quarter of fiscal year 2023, which ended on Dec. 30, Skyworks saw revenues slide 12% lower year over year, but $1.33 billion was still right in line with Wall Street's consensus expectations.
On the bottom line, adjusted earnings fell 18% to $2.59 per diluted share. Here, your average analyst was looking for $2.61 per share. It's technically a miss, but by a margin of just 0.8%. In my book, then, Skyworks' entire report was just what the Street had expected.
Source Fool.com
