Skyworks Solutions, Inc. stock research
FY2024 Q2
Skyworks Solutions (SWKS) Gross Margin — Quarter Ended Mar 29, 2024
Revenue declined relative to both the preceding quarter and the year-ago period, while cost of revenue decreased from the prior quarter but remained level with the year-ago figure. Consequently, gross profit fell and gross margin weakened compared with both periods.
Gross margin takeaway
Quarter ended Mar 29, 2024 · FY2024 Q2
Revenue declined relative to both the preceding quarter and the year-ago period, while cost of revenue decreased from the prior quarter but remained level with the year-ago figure. Consequently, gross profit fell and gross margin weakened compared with both periods.
- The most observable driver of the margin change was the combination of lower revenue and a cost of revenue that did not decline proportionally; cost of revenue was unchanged from a year ago despite a revenue drop.
- Compared with the immediately preceding quarter, revenue and gross profit were lower, cost of revenue was lower, and gross margin weakened. Versus the same quarter one year earlier, revenue and gross profit were lower, cost of revenue was unchanged, and gross margin weakened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.2%
Gross profit
$420.3M
Revenue
$1.0B
Cost of revenue
$625.7M
Quarter-over-quarter change
-2.0 pts
Year-over-year change
-5.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2023 | $1.1B | $464.1M | $607.1M | 43.3% |
| Sep 29, 2023 | $1.2B | $478.1M | $740.7M | 39.2% |
| Dec 29, 2023 | $1.2B | $506.6M | $694.9M | 42.2% |
| Mar 29, 2024 | $1.0B | $420.3M | $625.7M | 40.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 29, 2023
-2.0 pts
Year-over-year change
Mar 31, 2023
-5.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver of the margin change was the combination of lower revenue and a cost of revenue that did not decline proportionally; cost of revenue was unchanged from a year ago despite a revenue drop.
Compared with the immediately preceding quarter, revenue and gross profit were lower, cost of revenue was lower, and gross margin weakened. Versus the same quarter one year earlier, revenue and gross profit were lower, cost of revenue was unchanged, and gross margin weakened.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters.