Irvine-based chipmaker Skyworks Solutions Inc. (Nasdaq: SWKS) said revenue was flat in the first quarter year over year, while predicting strong growth in the current three-month period.
The company reported net revenue of $1.51 billion in the FY first quarter ended Dec. 31, almost identical to the same period a year earlier, and in line with analysts’ expectations.
Adjusted diluted earnings per share were $3.14, down from $3.36 a year earlier and slightly above estimates.
“Based on new product ramps across our increasingly diversified product portfolio, we expect double-digit year-over-year revenue and earnings growth in the March quarter,” said Kris Sennesael, senior vice president and chief financial officer of Skyworks Solutions.
Skyworks shares fell 0.8% to $137.50 apiece for a market cap of $23 billion in after-hours trading in New York, following the earnings release.