Skyworks stock rises following in-line results, weak forecast, $2 billion share buyback plan

Skyworks Solutions Inc.
SWKS,
-2.84%
shares rose in the extended session Monday after the chip maker coupled a $2 billion share buyback announcement with its in-line results and weak forecast. Skyworks shares rose as much as 3.5% after hours, following a 2.8% decline to close the regular session at $109.28. “Looking ahead to our second fiscal quarter of 2023, we anticipate revenue to be between $1.125 billion and $1.175 billion with non-GAAP diluted earnings per share of $2.02 at the midpoint of our revenue range,” said Kris Sennesael, chief financial officer of Skyworks, in a statement. Analysts surveyed by FactSet had forecast $2.20 a share on revenue of $1.19 billion. The company also announced its board approved a $2 billion share buyback authorization going out to Feb. 2025, replacing the previous $2 billion plan. Skyworks said it had approximately $993 million in cash at the end of December. The company reported first-quarter net income of $309.4 million, or $1.93 a share, compared with $399.9 million, or $2.40 a share, in the year ago period. Adjusted earnings, that exclude stock-based compensation expenses and other items, declined to $2.59 a share from $3.14 a share in the year ago period. Revenue declined to $1.33 billion from $1.51 billion in the year-ago period. Analysts had forecast $2.59 a share on revenue of $1.32 billion.