Skyworks Solutions SWKS reported first-quarter fiscal 2021 non-GAAP earnings of $3.36 per share that beat the Zacks Consensus Estimate by 61.54% and surged 100% year over year.Revenues of $1.51 billion surpassed the Zacks Consensus Estimate by 42.2%. Further, the top line improved 69% on a year-over-year basis.The upside can be attributed to rapid deployment of 5G, which boosted demand for Skyworks’ mobile solutions. Also, broad markets continued to witness robust momentum.Revenues from Broad markets (contributed 22% to revenues) of $326 million, grew 35% year over year in the fiscal first quarter.Upbeat GuidanceShares are up more than 17% in the pre-market trading on Jan 29, following investors' optimism on encouraging fiscal second quarter guidance and stellar fiscal first-quarter results, wherein both earnings and revenues beat estimates and surged on a year-over-year basis.Skyworks Solutions, Inc. Price, Consensus and EPS Surprise Skyworks Solutions, Inc. price-consensus-eps-surprise-chart | Skyworks Solutions, Inc. QuoteFor second-quarter fiscal 2021, revenues are expected in the range of $1.125 billion to $1.175 billion, representing revenue growth of 50% at the mid-point. The Zacks Consensus Estimate for revenues currently stands at $917.64 million.Non-GAAP earnings are anticipated to be $2.34 per share at the mid-point of the revenue range, representing growth of 75% year over year. The Zacks Consensus Estimate for earnings is pegged at $1.70.Notably, Skyworks expects gross margin to be 50.5-51% and operating expenses of nearly $150-152 million.Notable Deal WinsIn the quarter under review, Skyworks’ Sky5 product portfolio continued to facilitate several 5G launches. Skyworks' solutions were utilized by Samsung, Xiaomi, OPPO, Vivo, and other Tier-1 players.The company also partnered with MediaTek for evolving 5G reference designs with focus on automotive and other IoT applications.Also, Skyworks’ commenced volume shipments for 5G amplifiers and modules for supporting European base station OEMs.The company also shipped Wi-Fi 6 solutions for access points at leading network OEMs, including Cisco CSCO, NETGEAR NTGR, TP-Link and Aruba.Skyworks also facilitated enhanced safety systems at Volkswagen and Toyota leveraging V2X solutions. Moreover, the company’s solutions clinched design wins at Google’s Fitbit for its newest health smartwatch.The company’s Wi-Fi 6 engines secured residential gateways design wins for CenturyLink’s latest GPON media gateway.Itron deployed Skyworks’ offerings to power multi-standard ISM connectivity solutions for smart cities.In the medical space, Skyworks’ vital medical applications were selected by Boston Scientific BSX and General Electric Company.The company also rolled out low-latency wireless audio solutions, supporting leading gaming headsets at SteelSeries and Turtle Beach.Operating DetailsNon-GAAP gross margin expanded 100 basis points (bps) on a year-over-year basis to 51.1%.Research & development expenses, as percentage of revenues, contracted 390 bps on a year-over-year basis to 8.1%. Moreover, selling, general & administrative expenses, as percentage of revenues, contracted 180 bps from the year-ago quarter’s tally to 4.4%.Non-GAAP operating margin expanded 100 bps on a year-over-year basis to 41.2% in the reported quarter.Balance Sheet & Cash FlowAs of Jan 1, 2021, cash & cash equivalents and marketable securities were $1.019 billion, down from $980 million as of Oct 2, 2020.Cash generated by operating activities was $485.1 million compared with $267 million in the prior quarter.Capital expenditures were $118.6 million in the reported quarter compared with $146 million in the prior quarter.In the fiscal first quarter, Skyworks repurchased 1.4 million shares for a total of $196 million and paid out $83 million as dividends. The company also announced a new $2 billion stock repurchase program.Skyworks announced quarterly dividend of 50 cents payable on Mar 9, 2021, to shareholders as on Feb 16, 2021.Wrapping UpSkyworks is banking on its diversified portfolio strength to benefit from the rapid changes witnessed in the industry amid continued disruption from the coronavirus crisis. Rapid deployment of 5G globally is a tailwind for the company. It continues to win content at mobile and OEMs like Motorola, Samsung, OPPO, VIVO, and Xiaomi, which bodes well for the long haul.Further, solutions of this Zacks Rank #2 (Buy) company are supporting remote work, online learning, and telemedicine and emergency response applications among others.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Hottest Tech Mega-Trend of AllLast year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cisco Systems, Inc. (CSCO): Free Stock Analysis Report Skyworks Solutions, Inc. (SWKS): Free Stock Analysis Report Boston Scientific Corporation (BSX): Free Stock Analysis Report NETGEAR, Inc. (NTGR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research