Skyworks Solutions forecasts higher revenue on strong chip demand

May 5 (Reuters) - Skyworks ‌Solutions forecast ​quarterly ​revenue above estimates on Tuesday, betting on strong demand for its radio-frequency chips ‌used in premium smartphones.

Shares of the Irvine, California-based ⁠company rose more than 1% in extended trading.

• Skyworks, ‌which sells analog and mixed-signal ‌wireless communication chips to customers across the automotive, industrial and consumer electronics sectors, is a ​key supplier of radio-frequency components for Apple's 5G iPhones.

• Last month, Apple forecast sales growth ⁠above Wall Street estimates, betting on demand for the iPhone 17 ​as it fends off supply chain pressures and rising memory chip prices.

• Skyworks expects ​third-quarter revenue between $900 million and $950 ‌million, compared with analysts' average estimate of $861.3 million, according to data compiled by ⁠LSEG.

• Quarterly adjusted profit is expected to be $1.03 per share at the midpoint of the forecasted revenue range, ⁠compared with estimates of 93 cents per share.

• “Mobile outperformed ​expectations on healthy demand, while Broad Markets continues to accelerate, delivering double-digit year-over-year growth driven by Wi-Fi, data center and ‌automotive,” CEO Phil Brace said.

• The radio chipmaker reported second-quarter revenue of $943.7 ‌million, compared with estimates of $899.3 million.

• Adjusted profit ⁠for the quarter came ‌in at $1.15 per ​share, beating estimates of $1.03 per share.

(Reporting by Anhata Rooprai in Bengaluru; Editing by Jonathan ‌Ananda)

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