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Skyworks Solutions, Inc. has submitted its 10-K filing for the fiscal year ended September 27, 2024.
The filing includes financial statements for the year, showing a decrease in net revenue to $4,178.0 million from $4,772.4 million in the previous year. This decrease is attributed to reduced demand for mobile, analog, and mixed-signal products.
Gross profit for the year was $1,720.8 million, down from $2,107.3 million the previous year, primarily due to an unfavorable product mix and lower unit volumes.
Research and development expenses increased to $631.7 million from $606.8 million, reflecting increased investment in developing new technologies and products.
Selling, general, and administrative expenses decreased to $300.8 million from $314.0 million, attributed to a gain on the sale of property and decreased professional services costs.
The company recorded impairment, restructuring, and other charges of $150.0 million, primarily due to the abandonment or delay of previously capitalized in-process research and development projects.
Interest expense decreased to $30.7 million from $64.4 million due to debt repayments, while other income increased to $29.7 million from $18.2 million due to higher interest income.
Net income for the year was $596.0 million, down from $982.8 million in the previous year, with a provision for income taxes of $40.4 million.
Cash provided by operating activities was $1,824.7 million, while cash used in investing and financing activities was $355.9 million and $819.0 million, respectively.
Skyworks had cash, cash equivalents, and marketable securities totaling $1,574.1 million as of September 27, 2024, an increase from $738.5 million in the previous year.
The company continues to focus on diversifying its revenue and customer base while investing in high-growth market segments such as electric vehicles and 5G wireless infrastructure.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Skyworks Solutions Inc. annual 10-K report dated November 15, 2024. To report an error, please email earnings@qz.com.