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Skyworks Solutions Inc. (SWKS-0.47%) has submitted its 10-Q filing for the quarterly period ended December 27, 2024.
The filing reports net revenue of $1,068.5 million for the quarter, a decrease from $1,201.5 million in the same quarter the previous year. This decline is attributed primarily to decreased demand for mobile products.
Gross profit for the quarter was $441.9 million, down from $506.6 million in the previous year, with the decrease resulting from lower unit volumes, unfavorable product mix, and reduced average selling prices.
Research and development expenses increased to $176.4 million from $153.1 million, reflecting higher headcount-related expenses and costs for engineering prototypes.
Selling, general, and administrative expenses rose to $82.6 million from $78.8 million, driven by increased professional services costs.
Operating income for the quarter was $181.1 million, compared to $258.3 million in the previous year.
Net income for the quarter was $162.0 million, down from $231.3 million in the previous year. Basic earnings per share were $1.01, compared to $1.45 in the previous year.
Cash provided by operating activities was $377.2 million, while cash provided by investing activities was $7.5 million. Cash used in financing activities was $150.8 million.
Skyworks reported cash and cash equivalents of $1,602.5 million at the end of the quarter, an increase from $1,368.6 million at the beginning of the period.
The company announced a new stock repurchase program authorized to repurchase up to $2.0 billion of its common stock through February 3, 2027.
Skyworks declared a cash dividend of $0.70 per share, payable on March 17, 2025, to stockholders of record as of February 24, 2025.
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. quarterly 10-Q report dated February 5, 2025. To report an error, please email earnings@qz.com.