Please note that our comments today will include statements relating to future results that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially and adversely from those projected as a result of certain risks and uncertainties including, but not limited to, those noted in our earnings release and those detailed from time to time in our SEC filings.I would also like to remind everyone that the results and guidance we will discuss today are from our non-GAAP income statement, consistent with the format we've used in the past. Please refer to our press release within the Investor Relations section of our company website for a complete reconciliation to GAAP. With that, I'll turn over the call to Dave for his comments on the quarter. David J. Aldrich Thanks, Steve, and welcome, everyone. I'm pleased to report another strong performance for our second fiscal quarter 2012, in which we exceeded prior guidance, and we outpaced seasonal trends. Our second quarter results demonstrate how our diversification strategy, our flexible business model and ongoing focus on operational execution contributed to healthy financial returns in the seasonal trough, but more importantly, positioned us to outperform through the remainder of the year. Specifically during the second quarter, we posted revenue of $365 million. That's ahead of our guidance of $360 million and is up 12% year-over-year. We maintained best-in-class margins, producing second quarter operating income of $84 million. We earned $0.42 in diluted earnings per share, and that's $0.02 better than our guidance. And we generated cash flow from operations of $117 million. And looking back at the first half of our fiscal year, despite a product transition at one of our key customers and despite March quarter seasonality, we maintained strong profitability, producing a cumulative $189 million in operating income, we earned a combined $0.92 in diluted earnings per share, and we produced $194 million in cash flow from operations. These accomplishments demonstrate Skyworks' differentiation and highlight the sustainability of our business model. And we see our momentum strengthening in the current June quarter and accelerating in the September quarter based on strong first half design win activity and a robust opportunity pipeline.
At a higher level, the global megatrends of mobile computing and ubiquitous connectivity will provide powerful growth engines for Skyworks in the coming years and are fundamentally reshaping the world around us. As an example, wireless is becoming the next strategic pipe for content delivery. Upcoming smartphone and tablet platforms feature multi-core processing, high-definition displays and lightning-fast data speeds, making them the ideal third screen for consumers and blurring the traditional boundaries between televisions, PCs and mobile devices.Cloud-based services are expanding at an incredible pace. Content providers like Google, like Microsoft, HBO, Amazon and many others are building out massive libraries of cloud-based on-demand content. And the result is an exploding demand to be connected to the cloud. And also, mobile is displacing landline broadband. Today, the capabilities of LTE can exceed equivalent wireless services like DSL to a point where mobile broadband is becoming a viable alternative to wireline. This is especially the case within the emerging markets where virtually all of the growth in new broadband subscriptions is from mobile devices. These megatrends are in the early stages, and they'll play out in the span of the next decade. But there is some very tangible offshoots that were strengthen -- that we see strengthening our business today. During 2012, LTE devices will hit critical mass. A recent forecast by Strategy Analytics suggests that LTE shipments could grow by nearly ten-fold in 2012. As demand for global roaming expands, smartphones and tablets that incorporate only 1 or 2 regional LTE bands will begin to adopt additional LTE frequency, along with full backward compatibility to 3G and to 2G. Also during 2012, smartphone adoption will skyrocket in developing countries. According to recent market research, smartphone growth in China and India could nearly double this year and approach 200 million units. The embedded base of 2G subscribers is tremendous, creating a massive upgrade cycle that will play out over the next few years. Read the rest of this transcript for free on seekingalpha.com