Why Skyworks Solutions (SWKS) Stock Is Skyrocketing In After-Hours Trading

NEW YORK (TheStreet) -- Shares of Skyworks Solutions Inc. (SWKS) are soaring 6.52% to $49.36 in after-hours trading on Thursday after it reported a 60% rise in operating income for the fiscal third quarter of $179.1 million, or 83 cents, compared to $111.9 million, or 54 cents for the prior year.

It also exceeded its revised guidance of 80 cents per share given on June 3.

Revenue for the quarter rose 35% to $587 million compared to $436.1 million a year ago.

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Skyworks also expects fourth quarter revenue to be up 43% year-on-year to $680 million with diluted earnings per share up 56% year on year to $1.00.

The analog semi-conductor company cited an "exciting growth phase driven by global wireless proliferation."

Separately, 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 compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.

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