Chipmaker Skyworks Solutions Inc. said fiscal fourth-quarter net revenue grew 13% on a quarterly basis to $1.025Â billion, above the midpoint of the company’s guidance, while net income for the year fell to $596 million from $983 million for 2023. The shares decreased 4.6% in after-hours trading to $83 apiece.
“For the second year in a row, we generated over $1.6 billion of free cash flow and ended fiscal 2024 with a record 40% free cash flow margin. Looking ahead, we believe AI is poised to ignite a transformative smartphone upgrade cycle, propelling the demand for higher levels of RF complexity. We are in the early stages of this multi-year trend and Skyworks is well-positioned to capitalize on it,” CEO Liam Griffin said in the earnings statement today.
Irvine-based Skyworks (Nasdaq: SWKS) also predicted a small increase in revenue for the current quarter and a return to year-over-year growth. Net revenue for FY2024 dropped to $4.2 billion from $4.8 billion last year.
The shares were down 1.1% at the close to $87.04 each for a market cap of almost $14 billion.
