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Skyworks Posts Lower Profits But Pleasing Revenues

Third quarter revenues beat expectations thanks to rising smartphone and tablet demand

Analogue semiconductor developer, Skyworks, has reported a third-quarter profit of $49.3 million, or 26 cents per share, down compared to $51.5 million, or 27 cents per share, for the same time last year.

Citing rising operating costs as the reason for decreasing profits, the business still reported higher revenues than expected, rising 9.3% to $389million, compared to the third quarter of 2011. The company's previous guidance for this quarter put revenues at $383 million.

“Skyworks outperformed our addressable markets last quarter and the stage is set for a strong back half of 2012," said David J. Aldrich, president and chief executive officer of Skyworks. “Our strategic diversification across OEMs and chipset partners is enabling us to produce strong operating results despite the macro economy. We are gaining share within adjacent vertical markets including automotive, medical, avionics, military, location services and broadband communications."

“At the same time, our innovative solutions are powering the world’s most popular smartphones, tablets, home automation platforms and network infrastructure systems. In short, we have created a differentiated business model that is delivering demonstrable, best in class mobile internet growth with analogue semiconductor shareholder returns," he added.

The company expects fourth-quarter earnings of 50 cents to 51 cents per share, on a revenue of $415 million to $420 million. Shares rose 12% following the latest third quarter results.

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