RF/microwave integrated device manufacturer, Skyworks Solutions, Inc. (NASDAQ: SWKS) announced their second fiscal quarter 2009 results on Thursday. Revenue for the quarter was $173.0 million, a 14 percent decrease from $201.7 million in the year-ago period and versus guidance of $168.0 million.
Non-GAAP operating income was $21.2 million in the second fiscal quarter with diluted earnings per share of $0.12, $0.02 better than consensus estimates. On a GAAP basis, operating loss for the second fiscal quarter was $3.7 million and diluted loss per share was $0.03, including $19.4 million of previously disclosed charges relating to the Company�s operating expense reduction initiatives.
�Despite the challenging economic backdrop, Skyworks delivered solid financial results in the second fiscal quarter of 2009 driven by our diversification, scale advantages, fab-lite strategy and improved cost structure,� said David J. Aldrich, president and chief executive officer of Skyworks. �Offsetting general market weakness, our performance was highlighted by strength in energy management and smart grid technologies, China 3G base stations, smart phones and push-to-talk applications. At a higher level, we believe our results demonstrate that Skyworks is gaining share in the broader analog semiconductor market and is creating a highly differentiated business model.�
Business Highlights
* Maintained non-GAAP gross margin of 40 percent (38 percent on a GAAP basis)
* Reduced operating expenses by more than $25 million on an annualized basis
* Partnered with Itron, a leading energy technology provider, to meet increasing demand for smart meter technology
* Captured key design wins at Huawei and ZTE for 3G and 4G base station solutions
* Unveiled a suite of low noise amplifiers targeting ultra-high performance infrastructure, GPS and satellite radio applications
* Supported an increasingly popular e-book reading platform developed by one of the world�s largest online retailers
* Expanded Qualcomm baseband partnership leveraging higher value front-end modules and encompassing a growing number of 2G, 3G and HSDPA reference designs
* Named Supplier of the Year for the second consecutive time by LG Electronics
Third Fiscal Quarter 2009 Outlook
�Although we remain cautious on the macro-economy, Skyworks intends to resume top and bottom line growth in the current quarter through share gains and participation in new markets,� said Donald W. Palette, vice president and chief financial officer of Skyworks. �Specifically, we expect June quarterly revenue to be up 5 percent sequentially with expanding margins driving non-GAAP diluted earnings per share of $0.14 - - - a 15 percent sequential improvement in profitability.�
My Location now in Google Toolbar
Since its launch in Nov 2007, My Location has helped millions of people know where they are and get better local results on their mobile devices. We thought, wouldn't it be great if laptop and desktop users could also take advantage of My Location? Today we're pleased to announce the launch of Google Toolbar with My Location, part of a new initiative called Toolbar Labs.
Imagine searching for pizza from your computer and seeing the closest pizza places without having to enter your location. No more entering zip codes or city names in your queries -- isn't that magical? Of course, you can already do this with your phone, and searches on the computer can sometimes use an IP address to determine the city that you're in. But now your location can be determined much more precisely on your computer (as long as you opt in) and you can get better search results.
How does this work? Google Toolbar with My Location uses information about surrounding Wi-Fi access points to estimate your location. Naturally, this means it won't work if you're on a computer that doesn't have Wi-Fi (or has Wi-Fi turned off).
Along with getting more locally relevant Google search results, we also have additional goodies. Entering "maps.google.com" in your browser takes you to Google Maps automatically centered around your current location. You are one step closer to finding what you want. There is also a Google Maps gadget that uses My Location, installed in the Toolbar by default.
We take user privacy very seriously, so we make it easy for you to disable or enable the "My Location" functionality in Toolbar with just the click of a button. If you would like to know more about our privacy policy, please refer to this link.
We are really excited about this launch and hope to hear from you what you think. Let us know!
Written by Venkat Malladi and Tsuwei Chen, Software Engineers, Google Mobile
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