Skyworks Gets Lift From Wireless Demand

WOBURN, Mass. (TheStreet) -- Shares of Skyworks Solutions(SWKS Quote) jumped 10% Friday after the company lifted revenue and profit guidance for the next quarter on stronger-than-expected demand for its microchips, which are used in a range of products, including handheld devices and wireless networking gear.

After Thursday's market close, the company said it now "intends to deliver" per-share earnings in the fiscal first quarter, which ends Dec. 9, of 25 cents a share, adjusted to exclude items. That's 47% above EPS in the year-ago period and better than the 22 cents analysts were projecting.

Skyworks also gave a revenue range for the first quarter: $238 million to $242 million. The consensus top-line target among analysts was about $231 million.

Friday afternoon, the company's stock was trading at $12.03, up $1.06, or nearly 10%. Volume reached 14.7 million shares, more than double the daily average turnover in the name.

Also helping the rally in Skyworks' shares Friday was the investment firm UBS, which lifted its price target to $16 and its profit estimates, to reflect the new guidance.

Meanwhile, Skyworks also reported a fairly healthy third quarter, with adjusted earnings of $41.8 million, or 24 cents a share, topping analysts' forecasts by two pennies.