Down 43%, Is This Tech Stock Worth Buying Right Now?
Skyworks Solutions (NASDAQ: SWKS) released fiscal 2022 fourth-quarter results (for the three months ending Sept. 30) on Nov. 3, and it is surprising to see that shares of the Apple supplier have gained 11% since then.
While Skyworks delivered better-than-expected results and posted steady growth at a time when smartphone sales are on the decline, the outlook indicates that the chipmaker is about to hit a speed bump. With that said, let's take a closer look at the chipmaker's latest results. A closer look will show if its stock can sustain its newfound momentum after losing 43% of its value in 2022 so far.
Skyworks' fiscal Q4 revenue increased 7% year over year to a record $1.4 billion. The company also posted non-GAAP (adjusted) earnings of $3.02 per share, an increase of 15% over the prior-year period. Skyworks easily cleared analysts' estimate of $2.91 in earnings per share. The company's full-year revenue increased by 7% to $5.5 billion, while earnings increased by a similar amount to $11.24 per share.
Source Fool.com
