Market Insider

Skyworks shares post best day since 2014 after earnings beat, new buyback program

Skyworks beats Street forecasts

Shares of Apple supplier Skyworks Solutions surged Friday after the chipmaker posted better-than-expected earnings and announced a $500 million buyback program.

Skyworks jumped 13 percent in its best day since July 18, 2014. On a weekly basis, Skyworks climbed 13.2 percent for its best week since September 2016.

The Apple chip provider reported adjusted fiscal first quarter earnings of $1.61 per share on revenues of $914 million, above the $1.58 per share earnings estimate and revenue of $903 million expected by a Thomson Reuters consensus estimate.

Skyworks Solutions 5-day performance

The semiconductor company also announced a stock repurchase program. The $500 million buyback plan replaces a $400 million program previously announced in July 2016, and will be funded through the company's working capital. Skyworks' board also approved a dividend of 28 cents per share.

On a conference call following the earnings report, CEO Liam Griffin highlighted the company's work with other popular phone companies like Samsung.

"We launched multiple devices across Samsung's entire portfolio and gained momentum in China, with key wins at market leaders Oppo, Vivo, Meizu and Xiaomi," Griffin said. "All of these wins were captured by resulting the growing complexity and performance requirements inherent in today's advanced mobile architectures."

CNBC's Anita Balakrishnan contributed to this report