Liam K. Griffin
Chairman, Chief Executive Officer and President at Skyworks Solutions
Thanks, Mitch, and welcome, everyone. Skyworks delivered record third quarter results with double-digit year-over-year growth in revenue and non-GAAP earnings per share, highlighting our resilient business model and disciplined execution with strong design win momentum across an expanding and diverse customer set, we are well positioned to drive sequential growth into the second half of the calendar year. Looking at the quarter in more detail. We delivered record Q3 revenue of $1.23 billion, above consensus and up 10% compared to last year, highlighting our content expansion in premium 5G-enabled smartphones along with growth in automotive, data center and network infrastructure. We achieved gross margin of 51.2%. We posted earnings per share of $2.44, up 13% year-over-year. We have continued to return cash to shareholders through dividends and share repurchases. And today, we announced an 11% increase to our quarterly dividend. That marks our 8th consecutive year of dividend increases. In addition to generating solid results in a challenging macro environment, we are leveraging decades of targeted investments to drive a pipeline of design wins, spanning an array of market-critical solutions. Specifically in mobile, we delivered Sky5 platforms to the leading smartphone OEMs, including launches at Google, Samsung and many others. Skyworks technology leadership, innovation and scale has allowed us to continue to capture an outsized share of our mobile revenue from high-performance 5G platforms. In enterprise and IoT, we powered tri-band access points at Cisco, ramped Orange Livebox 6, Europe's first carrier-grade 6E platform.
We launched advanced solutions with Verizon for integrated WiFi and cellular gateways and supported Google's newest pixel watch with our cellular GPS, WiFi and Bluetooth technologies. In automotive, we achieved an all-time record revenue in this last quarter as we executed on our vision to drive connectivity and lead the shift to electrification. During the quarter, we ramped next-generation wireless and EV power technology across multiple top OEMs. We leverage our timing solutions with a market-leading robotaxi and driverless vehicle provider. And finally, in infrastructure and industrial, we captured multiple design wins at European equipment and service providers, fueling massive MIMO deployments. We delivered integrated timing solutions to the market leaders in data center and network infrastructure, and we ship modules for high-power industrial and IoT applications, supporting a prominent brand and smart energy. Moving forward, we see a continued expansion in data consumption, dependent on seamless, reliable and ubiquitous wireless connectivity. A few statistics illustrate this point. Global wireless data traffic is expected to grow at a 27% annual rate over the next five years. Machine-to-machine connections, the fastest-growing IoT category will soon surpass 15 billion users. By 2030, we expect 650 million connected cars, each consuming 25 times the data that we see in today's smartphones. Over the past two decades, Skyworks has made critical investments to power this connectivity transformation, addressing all key network technologies from cellular to advanced WiFi, enhanced GPS and Bluetooth, among others.
Capitalizing on both organic growth and strategic acquisitions, we are gaining momentum in high-growth verticals, while at the same time, diversifying our revenue and customer set. Looking ahead, our design win pipeline and unique in-house capabilities are positioning us for continued outperformance. Leveraging decades of innovation, we deliver purpose-built solutions underpinned by in-house gallium arsenide, temperature-compensated SAW filters, bulk acoustic wave technologies and customized packaging.
With that, I will turn the call over to Kris for a discussion of Q3 and our Q4 outlook.