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Signal processing chipmaker Skyworks Solutions Inc. has been given the OK by its board of directors to buy back up to $200 million of the company’s common stock, to be paid for through the company’s approximately $390 million in cash and equivalents.
The stock repurchase plan follows on the company’s report of a third quarter of solid growth. Woburn-based Skyworks (Nasdaq: SWKS) reported a profit for Q2 2010 of $34.7 million versus $18.7 million in net income for the same quarter in 2009. Skyworks noted that in that quarter it had received a milestone technology award from Huawei in recognition of excellence in base station innovation, and it was powering Samsung’s 4G USB modem, the world’s first commercialized LTE device.
Skyworks was part of the Nexus One phone launched at the beginning of the year by Google Inc. and manufactured by HTC. Skyworks has long been rumored to be supplying chips for Apple Inc.’s iPhone, but neither company has confirmed the deal.
Publicly traded since 1984, Skyworks reports 3,300 employees worldwide. In June of 2009, Skyworks reported plans to buy California-based mobile phone power amplifier developer Axiom Devices Inc. for an undisclosed amount.
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