Apple Is One of the Many Catalysts Driving This Top 5G Stock
Skyworks Solutions (NASDAQ: SWKS) went into its fiscal 2020 fourth-quarter results last week with great expectations thanks to surging demand for 5G smartphones, and the company didn't disappoint, delivering a solid set of numbers.
As expected, the chipmaker's revenue and earnings crushed Wall Street's estimates as it rode the initial production run of Apple's (NASDAQ: AAPL) newest iPhone 12 series and the overall growth of the 5G smartphone market. More importantly, the company's fiscal first-quarter guidance turned out to be much better than what the market expected.
It anticipates year-over-year revenue growth of almost 18% at the midpoint of its guidance range of $1.04 billion to $1.07 billion. Adjusted earnings are expected to jump from $1.68 per share in the prior-year period to $2.06 per share this quarter. But don't be surprised to see Skyworks blast past those numbers once again, as the company is at the beginning of a multi-year tailwind that could boost its biggest business.
Source Fool.com
