Chipmaker Skyworks Solutions (Nasdaq: SWKS) in Irvine said third-quarter revenue rose 10% on an annual basis to $1.23 billion, matching analysts’ estimates, while net income fell. The shares slipped in after-hours trading.
Net income for the three-month period ended July 1 was $267.3 million, down almost 21% down from $337.8 million in the same period a year ago. Adjusted net income rose to $393.6 million from $358.6 million.
“We expect double-digit sequential revenue and earnings growth in the September quarter,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks. Liam Griffin is the company’s CEO.
Skyworks Solutions shares were down 1.3% to $112 apiece for a market cap of $18.3 billion in after-hours trading in New York.
