Skyworks Slumps Despite Price Target Upgrades
Skyworks fell nearly 8% in trading Friday afternoon even after Wall Street raised price targets after a strong quarter.
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Shares of Skyworks (
SWKS) - Get Report were falling sharply Friday even after the chipmaker reported better-than-expected fiscal second-quarter earnings that sparked price target upgrades by analysts.
Shares of the Irvine, Calif., company fell 7.79% to $182.46 at last check.
For the quarter ended April 2, Skyworks nearly doubled its earnings to $325 million, or GAAP earnings of $1.95 a share and adjusted earnings of $2.37 per share. Revenue rose 53% to $1.17 billion. Analysts polled by FactSet were expecting
GAAP earnings of $2.04 a share, or an adjusted $2.35 a share, on revenue of $1.15 billion.
Silicon Labs sells to Skyworks Solutions in $2 75 billion deal statesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from statesman.com Daily Mail and Mail on Sunday newspapers.
Week In Review: Design, Low Power
Circuit simulation speedup; DSP IP for embedded vision; edge AI startup; clock distribution; Skyworks buys Silicon Labs’ infrastructure, auto biz.
Skyworks Solutions will acquire
Silicon Labs’ Infrastructure & Automotive (I&A) business for $2.75 billion cash. The transaction includes Silicon Labs’ power/isolation, timing and broadcast products, intellectual property, and approximately 350 employees. Silicon Labs said it will focus on its IoT business, which includes integrated hardware and software wireless platforms for multiple protocols.
Skyworks develops analog semiconductors for wireless networking across a broad range of markets. “This acquisition will broadly expand our capabilities across high-growth end markets including automotive, communications and industrial, creating new and highly compelling opportunities for Skyworks,” said Liam K. Griffin, president and CEO of Skyworks.
Austin s Silicon Labs sells off business unit in $2.75 billion deal Kara Carlson, Austin American-Statesman
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Austin-based Silicon Labs is selling its infrastructure and automotive business to a California-based semiconductor manufacturer for $2.75 billion.
Silicon Labs said it is selling the division to Irvine California-based Skyworks Solutions, which primarily manufacturers semiconductors for radio frequency and mobile communications systems, in an all-cash transaction. The deal is expected to close in the company s third quarter.
Silicon Labs said the divestment will allow it to focus on its growing Internet of Things business.
Silicon Labs primarily designs and manufactures semiconductors and other silicon devices, and has increasingly focused on its wireless chips, which are used by customers to build Internet of Things products. About 770 of its 1,00 employees are based in Austin.