Skyworks Solutions Inc. (NASDAQ: SWKS) stock plunges during pre-market trading. Here’s what’s happening?

Skyworks Solutions Inc. (NASDAQ: SWKS) stock gained by 0.74% at last close whereas the SWKS stock prices face a decline of 7.48% in the pre-market trading at last check as SKS has released its financial results for Q2 fiscal 2021. The wireless networking revolution is being fueled by Skyworks Solutions, Inc. In the aerospace, automotive, broadband, wireless infrastructure, connected home, industrial, medical, military, mobile, tablet, and wearable industries, SWKS’ highly advanced analog semiconductors are linking people, locations, and objects in a variety of new and previously unforeseen applications.

Financial Results

On April 29, 2021 SWKS released its second quarter fiscal year 2021 financial results which is discussed below:

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  • SWKS has generated a huge revenue of $1.172 Billion, which is a rise of 53% year-over-year.
  • The GAAP diluted EPS was $1.95, an improvement of 84% and Non-GAAP diluted EPS was $2.37 which is an increase of 77% Y-o-Y.
  • SWKS has produced a record breaking quarterly cash flow of $616 million.
  • And the GAAP and non-GAAP operating margin was 32% and 37.6%, respectively.

Liam K. Griffin, president and CEO of Skyworks said that Skyworks’ strong second-quarter results show their continued leadership in a fast growing range of end markets and customers, backed by cutting-edge technology and world-class manufacturing facilities. SWKS broad markets portfolio, in particular, continues to gain traction, with solid consecutive and year-over-year growth.

Future expectations,

Kris Sennesael, senior vice president and chief financial officer of Skyworks said that they expect sustained momentum and year-over-year development in the June quarter, centered on strong demand for connectivity solutions in mobile and large markets. SWKS expect revenues to be between $1.075 billion and $1.125 billion in the third fiscal quarter of 2021, with non-GAAP diluted earnings per share of $2.13 at the midpoint of SWKS’s sales range, reflecting revenue growth of 49% and non-GAAP diluted earnings per share growth of 70%, relative to the third fiscal quarter of 2020.

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