Apple supplier Skyworks Solutions’ content gains in premium smartphones helped it deliver solid results last quarter. Harsh Chauhan writes for The Motley Fool that the chipmaker’s largest customer could drive healthy growth in the second half of the year as “Skyworks’ attractive valuation, sunny prospects, and solid dividend make it a stock worth buying.”
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.
The company’s robust year-over-year growth was driven by “content expansion in premium 5G-enabled smartphones, along with growth in automotive, data center, and network infrastructure,” as CEO Liam Griffin pointed out on the latest earnings conference call.
Apple is the company’s largest customer. The iPhone maker accounted for 59% of Skyworks’ revenue in fiscal 2021.
Though Skyworks didn’t discuss its relationship with Apple on the latest earnings call, the company’s indication that it is witnessing “content expansion in premium 5G-enabled smartphones” suggests that it may be on track to win more business in the upcoming iPhones.
MacDailyNews Note: Skyworks’ stock symbol is SWKS. Read more in the full article here.
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