Zacks Investment Research | Nov 07, 2017 01:35AM ET
Skyworks Solutions Inc. (NASDAQ:SWKS) reported fourth-quarter fiscal 2017 non-GAAP earnings of $1.82 per share, which beat the Zacks Consensus Estimate by 7 cents. The figure improved 24.1% from the year-ago quarter and 25.1% on a sequential basis.
Revenues of $984.6 million were up 17.9% year over year and 9.3% sequentially. The figure was surpassed the Zacks Consensus Estimate of $981 million. Foxconn, Samsung (KS:005930) and Huawei were the top three largest customers.
The strong results reflected Skyworks’ growing clout in the connectivity solutions and 5G markets. The company’s solutions continue to capture strategic design wins across the broad markets.
Per management, global mobile data usage is expected to increase five times between 2017 and 2021. Moreover, the Internet of Things (IoT) space is booming, with 75 billion devices projected to be connected by 2025.
The emergence of connected homes, autonomous vehicles, artificial intelligence (AI), augmented reality, wearables and network infrastructure presents significant growth opportunity for Skyworks’ connectivity solutions.
In fiscal 2017, Skyworks reported non-GAAP earnings of $6.45 per share, up 16% year over year on revenues of $3.7 billion, which increased 11%.
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