What happened Shares of Skyworks Solutions (NASDAQ: SWKS) fell by as much as 5% in morning trading but have mostly recovered from those losses after the company reported fiscal third-quarter earnings last night. The release topped expectations in numerous ways, so it's unclear why investors were initially disappointed. As of 12:20 p.m. EDT, stock was down just 1%. So what Revenue in the fiscal third quarter was $736.8 million, ahead of the consensus estimate of $691.2 million. That led to adjusted earnings per share of $1.25, topping the $1.14 per share in adjusted profits that Wall Street was expecting. The company also boosted its quarterly dividend by 14% to $0.50 per share. Apple is Skyworks' largest customer. Image source: Apple. "At the cusp of a multi-year upgrade cycle, we are capitalizing on early market momentum and accelerating widespread 5G adoption. Our efforts are underpinned by years of investment in next-generation technologies, uniquely positioning Skyworks to deliver long-term profitable growth," CEO Liam Griffin said in a statement. Now what The prominent Apple supplier also issued a strong outlook for the fiscal fourth quarter. Revenue is forecast in the range of $830 million to $850 million, which is expected to translate into adjusted earnings per share of $1.51. That outlook is ahead of the $788.6 million in sales and $1.43 per share in adjusted profits that analysts are currently modeling for. Apple is Skyworks' biggest customer, accounting for 51% of revenue last fiscal year. The Cupertino tech giant's flagship iPhones are reportedly being delayed until late October due to supply chain holdups related to the COVID-19 pandemic. Skyworks will enjoy robust sales as Apple begins producing new handsets ahead of the launch. The stock received a slew of price target upgrades following the report, with most analysts reiterating buy (or equivalent) ratings. 10 stocks we like better than Skyworks SolutionsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Skyworks Solutions wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2020 Evan Niu, CFA owns shares of Apple. The Motley Fool owns shares of and recommends Apple and Skyworks Solutions. The Motley Fool has a disclosure policy.Source