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Mar 29, 2024
Skyworks Q2 2024 Earnings Report
Skyworks reported solid results and strong cash generation amidst a challenging macroeconomic environment.
Key Takeaways
Skyworks delivered revenue of $1.046 billion, GAAP diluted EPS of $1.14, and non-GAAP diluted EPS of $1.55. The company generated quarterly operating cash flow of $300 million and quarterly free cash flow of $273 million.
Delivered integrated platforms to leading 5G smartphone OEMs, including flagship and mid-tier launches at Samsung, Google, and Oppo.
Expanded design win pipeline and initiated new programs in automotive, including infotainment systems, traction inverters, cloud-enhanced driver-assist and CV2X on-board units.
Secured several audio SoC design wins for wireless gaming and soundbars with PlayStation® and Samsung
Mobile business saw below normal seasonal trends, with lower-than-expected end market demand.
Skyworks
Skyworks
Forward Guidance
For the June quarter, Skyworks expects revenue to be $900 million, plus or minus 2%, and anticipates non-GAAP diluted earnings per share of $1.21 at the mid-point of the revenue range.
Positive Outlook
- Revenue expected to be $900 million, plus or minus 2%.
- Non-GAAP diluted earnings per share of $1.21 expected at the mid-point of the revenue range.
- Anticipate further modest growth as inventory levels appear to be normalizing in certain end markets.
- Board of directors has declared a cash dividend of $0.68 per share of the Company’s common stock, payable on June 11, 2024.
- Leverage connectivity technology across edge-connected IoT devices, automotive electrification and advanced safety systems, and AI infrastructure.
Challenges Ahead
- Mobile business expected to be down sequentially, below normal seasonal patterns.
- Excess inventory clears.
- Challenging macroeconomic environment.
- Below normal seasonal trends in mobile business.
- Lower-than-expected end market demand in mobile business.