Why Skyworks Solutions Stock Fell but Recovered Today
Shares of Skyworks Solutions (NASDAQ: SWKS) fell by as much as 5% in morning trading but have mostly recovered from those losses after the company reported fiscal third-quarter earnings last night. The release topped expectations in numerous ways, so it's unclear why investors were initially disappointed. As of 12:20 p.m. EDT, stock was down just 1%.
Revenue in the fiscal third quarter was $736.8 million, ahead of the consensus estimate of $691.2 million. That led to adjusted earnings per share of $1.25, topping the $1.14 per share in adjusted profits that Wall Street was expecting. The company also boosted its quarterly dividend by 14% to $0.50 per share.
Apple is Skyworks' largest customer. Image source: Apple.
Source Fool.com
