Liam K. Griffin
Chairman, Chief Executive Officer and President at Skyworks Solutions
Thanks Mitch, and welcome, everyone. Skyworks delivered a strong start to the fiscal year establishing all-time quarterly records for revenue and free cash flow. Looking at the quarter in more detail, we delivered revenue of $1.51 billion, above consensus and up 15% sequentially demonstrating the strength of our broadening product portfolio. Specifically, the mobile business grew 12% sequentially driven by increasingly complex architectures in 5G phones at our largest customer and momentum across the Android ecosystem.
In parallel, our broad markets business achieved a record $477 million in the quarter, up 23% sequentially and 46% year-over-year. Our growth was fueled by both the continued adoption of our solutions across 5G, IoT, automotive and wireless infrastructure, and an expanding set of new customers and markets from our recently recently acquired I&A business. Importantly, Skyworks continues to drive strong profit margins and exceptional cash flow. We achieved gross margin of 51.2% and operating margin of 38.8%. We posted earnings per share of $3.14, above consensus and up 2% sequentially. Finally, we generated record Q1 operating cash flow of $582 million. As our first quarter results illustrate, the growth trajectory we established in fiscal 2021 is extending into fiscal 2022.
We continue to see deployments accelerating with 5G cellular subscriptions predicted to grow from 700 million today to more than 4.4 billion by the year 2027. As connectivity becomes more vital to the ways we work, educate and play, devices are increasingly integrating 5G with advanced Wi-Fi, precision GPS, Bluetooth, Zigbee and other wireless protocols, creating the seamless and ultra-fast experience demanded by our customers. The rapid adoption of new wireless technologies enables a proliferating set of use cases with design wins spanning mobile and broad markets further bolstered by contributions from our recently completed acquisition.
Specifically in mobile, we shipped Sky5 platforms across leading smartphone OEMs, including Samsung, Oppo, Vivo and Xiaomi among others. In enterprise and IoT we supported Wi-Fi access points at Siemens, powered NETGEAR's latest WiFi 6 and 6E Mesh system, partnered with British Telecom to launch 5G home routers, ramped WiFi 6 and 6E modules at Juniper Networks and Telus and provided Digital Isolation Solutions for GE Consumer Appliances.
Moving to automotive. We leveraged Sky5 technology to enable telematics, security, driver assist and other advanced services at leading OEMs. We scaled volume production of timing and isolation products enabling the leading EV manufacturers. And finally, across the infrastructure and industrial space, we captured design wins at Quectel for enterprise M2M platforms, delivered industrial IoT solutions to Itron, Honeywell and Telus supporting smart energy in factory automation. We also expanded our position in timing applications at the top 5 data centers. And as markets evolve, we expect to deploy billions of wireless devices, capitalizing on a strong multi-year growth trend, advances in Cloud and Edge Computing, autonomous vehicles and factory automation together with the emergence of the Metaverse, we are intensifying the burden on existing networks, catalyzing demand for our highly integrated and customized platforms.
From inception, Skyworks has been a driving force empowering the wireless network revolution, connecting people places and things. We invested early and extensively to develop and fabricate cutting-edge technology at massive scale. Today, we're a global leader providing the essential elements required to deliver the highest performance connectivity platforms in the industry producing billions of units integrating core technology nodes including Gallium Arsenide, Bulk and Surface Acoustic Wave as well as the most advanced multi-chip module test in assembly capabilities in the world. Underpinned by this powerful foundation, we are leading the transition of 5G inspiring a new era of unrivaled innovation. The strength of our balance sheet and consistent outperformance demonstrates the significant value of our vertically integrated model and compelling advantages it delivers.
Looking forward, we are committed to supporting the strategic investments in technology, product development and world-class manufacturing scale to further extend our market leadership.
With that, I will turn the call over to Kris.