This Top 5G Stock Is on Sale Right Now
Skyworks Solutions (NASDAQ: SWKS) turned in a terrific performance in 2019 thanks to the improving fortunes of its leading customer, Apple, the deployment of 5G networks, and the gradual improvement in its financial performance. However, that didn't prevent Skyworks investors from taking some money off the table after the company's latest quarterly results.
Skyworks' top line dropped year over year, and its earnings shrank. The company's revenue fell nearly 8% year over year, while net income was down close to 10% annually. The surprising thing is that there was nothing unexpected about the chipmaker's latest performance.
Wall Street was looking for $880.6 million in first-quarter revenue, and Skyworks delivered $896 million. Adjusted earnings of $1.86 per share also trumped the consensus estimate of $1.83 per share. What's more, the chipmaker's outlook was much better than the market's expectations as it prepares to make a return to top- and bottom-line growth.
Source Fool.com
