NEW YORK (TheStreet) -- Shares of Skyworks Solutions Inc. (SWKS) are up 4.96% to $45.21 after the company, an innovator of high performance analog semiconductors, updated its financial outlook for the third quarter of fiscal 2014.
The company now anticipates current quarter revenue of $570 million, a 31% percent year-over-year increase and 19% sequential growth.
Skyworks also expects to deliver non-GAAP diluted earnings per share of 80 cents, a 48% increase when compared to the same period a year ago, and 29% sequential growth.
Previously, the company guided to $535 million in revenue and 73 cents of non-GAAP diluted earnings per share on April 22, 2014 as part of its second fiscal quarter earnings release.
TheStreet Ratings team rates SKYWORKS SOLUTIONS INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate SKYWORKS SOLUTIONS INC (SWKS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, impressive record of earnings per share growth and good cash flow from operations. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."