Skyworks announces new $2bn stock repurchase program

Skyworks Solutions Inc of Woburn, MA, USA (which manufactures analog and mixed-signal semiconductors) says that its board of directors has authorized the repurchase of up to $2bn of its common stock from time to time prior to 30 January 2021 (on the open market or in privately negotiated transactions) in compliance with applicable securities laws and other legal requirements.

The newly authorized stock repurchase program replaces in its entirety the $1bn stock repurchase program that was approved by the board on 31 January 2018, and had about $129m of repurchase authority remaining.

The timing and amount of any shares repurchased under the new program will be determined by the management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued at any time.

Any repurchased shares will be available for use in connection with the firm’s stock plans and for other corporate purposes.

Skyworks expects to fund the repurchase program using its working capital. As of 28 December, the firm had cash and marketable securities of $1.1bn.

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Skyworks reports record quarterly revenue of $1.008bn, and ninth consecutive record year

Skyworks announces new $1bn stock repurchase program

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