NEW YORK (TheStreet) -- Skyworks Solutions (SWKS) - Get Report stock is advancing by 4.35% to $67.61 in afternoon trading on Friday following the release of its fiscal 2016 first quarter financial results.
After yesterday's market close, the chipmaker reported that its profit nearly doubled year-over-year.
For the quarter, Skyworks reported profit of $355.3 million, or $1.82 per share, up from $195.2 million, or $1.01 per share, for the year-ago period. Excluding stock-based compensation and other items, earnings were $1.60 per share, compared with $1.26 per share a year earlier.
Revenue increased to $926.8 million compared to, $805.5 million for the fiscal 2015 first quarter.
Analysts surveyed by Thomson Reuters expected the company to earn $1.58 per share on revenue of $919.9 million.
For the fiscal 2016 second quarter, Skyworks has forecast for adjusted earnings of $1.24 per share on revenue of $775 million. Analysts have projected earnings of $1.32 a share on $817.8 million in revenue.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.
Skyworks' strengths such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: SWKS
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.