RTTNews | Jul 30, 2021 10:59AM EDT

10:59 Friday, July 30, 2021 (RTTNews.com) - Skyworks Solutions Inc (SWKS) is trading 9% lower on the closing day of the week despite reporting a better than projected third-quarter. Both revenue and earnings beat Street view.

The net income for the quarter was $337.8 million or $2.02 per share, compared to $129.7 million or $0.77 per share last year in the same quarter.

On an adjusted basis the earnings were $2.15 per share, up from $1.25 in the same quarter last year. Twenty six analysts polled by Thomson Reuters predicted an earning of $2.14 per share.

The revenue rose to $1.12 billion, from $736.8 million last year. Twenty three analysts projected a $1.1 billion revenue.

The company provided a forecast of $2.53 per share with a revenue in the range of $1.27 billion and $1.33 billion for the fourth quarter. Analyst projection for the fourth quarter is a $2.48 per share earnings with $1.22 billion in revenue.

The shares are currently trading at $179.27, down $17.40 or $8.85% from their previous close at $196.67. The shares opened $184.62 and in the 52-week period, the shares have ranged between $130.72 and $204.00.

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