News: Microelectronics
29 January 2021
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 the firm’s common stock from time to time prior to 26 January 2023, 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 $2bn stock repurchase program that was approved by the board of directors on 30 January 2019, and had about $783m of repurchase authority remaining.
The timing and amount of any shares that are repurchased under the new program will be determined by the company’s 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 company’s stock plans and for other corporate purposes.
Skyworks currently expects to fund the repurchase program using working capital. As of 1 January, the firm had cash and marketable securities of $1bn.
Skyworks’ revenue grows a more-than-expected 30% in September quarter
