This Dividend-Paying Tech Stock Is a Screaming Buy Right Now
Skyworks Solutions (NASDAQ: SWKS) crushed Wall Street's expectations on Aug. 4 when it released its fiscal 2022 third-quarter results (for the three months ended July 1). Doing so may seem a tad surprising as the company gets most of its revenue by supplying chips to smartphone manufacturers.
The smartphone market has struggled this year as shipments have shrunk in the first six months of 2022 amid high inflation and weakening demand. But Skyworks did well despite the headwind last quarter and issued healthy guidance. Let's see what worked in the company's favor.
Skyworks reported record fiscal Q3 revenue of $1.23 billion, up 10% over the prior-year period. The chipmaker's non-GAAP (adjusted) earnings increased 13.4% year over year to $2.44 per share, better than analysts' expectations of $2.35 per share.
Source Fool.com
