Chipmaker Skyworks Solutions Inc. reported third-quarter adjusted and diluted earnings per share of $1.21, in line with analysts’ expectations but below the amount for the same period a year ago. The Irvine-based company’s shares fell 2.3% to $115 apiece in after-hours trading.
Net revenue for the period ended June 28 was $905.5 million, about $5 million above estimates.
The company (Nasdaq: SWKS) projected current-quarter EPS of $1.52, slightly above the consensus of $1.51.
“Over the medium-to-long-term, we expect generative AI applications will migrate to the edge, including the smartphone, driving a meaningful replacement cycle and leading to higher levels of RF complexity,” CEO Liam Griffin said in a statement announcing the earnings.
