Cell phone chipmaker Skyworks Solutions Inc raised its fourth-quarter earnings and revenue outlook, citing an improvement in order demand due to diversification into new sectors and consolidation of its market share.
The company now expects fourth-quarter adjusted earnings of 21 cents to 22 cents a share, up from its earlier outlook of 19 cents a share.
Revenue is expected to range between $220 million and $225 million.
In July, the company had forecast its fourth-quarter revenue to grow 10 percent from its third-quarter revenue of $191.2 million.
Analysts, on average, were expecting Skyworks to earn 19 cents a share, on revenue of $210.2 million, according to Reuters Estimates.
Multiple new program ramps coupled with strong operational execution are contributing to better than planned top-and bottom-line growth, Skyworks' Chief Executive David Aldrich said in a statement.
Shares of Skyworks, whose customers include Sony Ericsson and Samsung Electronics Co Ltd, closed at $12.75 Wednesday on Nasdaq. (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Pradeep Kurup)