UPDATE 2-Skyworks Q1 profit tops Wall St view; shares up
* Q1 profit tops Street expectations
* Sees Q2 rev to fall 20 pct sequentially
* Shares rise 12 pct (Adds details, updates share movement)
Feb 5 (Reuters) - Cellphone chipmaker Skyworks Solutions Inc (SWKS.O: Cotización) posted first-quarter profit above market estimates, helped by smart phone demand, sending its shares up 12 percent in after-hours trade.
The company also forecast second-quarter earnings range, the upper end of which topped market estimates by a penny. The company expects cost control measures to kick in during the quarter.
Skyworks, whose customers include Sony Ericsson and Samsung Electronics Co Ltd (005930.KS: Cotización), gets almost three-fourths of its revenue from handset business.
The company, which is trying to expand product portfolio beyond handset chips, said it had ceased to develop low-margin 3.5G and 4G cellular transceivers and diverted resources to high-growth analog markets.
This action will help improve the company's operating income by $20 million annually, it said.
First-quarter net income was $22 million, or 13 cents a share, compared with $19.1 million, or 12 cents a share, a year ago. Continuación...