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Chipmaker Skyworks forecasts strong 3rd-qtr, shares jump
April 22, 2014 / 8:56 PM / in 3 years

Chipmaker Skyworks forecasts strong 3rd-qtr, shares jump

April 22 (Reuters) - Chipmaker Skyworks Solutions Inc forecast third-quarter results above Wall Street estimates on strong sales of analog chips used to connect machines to the Internet.

The company’s shares rose about 8 percent to $40.90 in extended trading.

Skyworks, whose analog chips are used in e-book readers, cable modems and LED lighting, forecast current-quarter adjusted earnings of 73 cents per share, on revenue of $535 million.

Analysts on average were expecting earnings of 63 cents per share on revenue of $488.2 million, according to Thomson Reuters I/B/E/S.

Machine-to-machine connectivity, more commonly known as the “Internet of Things”, allows machines on both wired and wireless networks to interact with one other. (Reporting By Aurindom Mukherjee in Bangalore; Editing by Savio D‘Souza)

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