Skyworks Solutions Inc ( SWKS ) shares are trading lower in Wednesday’s after-hours session after the company reported quarterly financial results and announced a CEO transition.

Q1 Revenue: $1.068 billion, versus estimates of $1.066 billion

Q1 Adjusted EPS: $1.60, versus estimates of $1.57

“Skyworks started the new fiscal year with solid results, growing revenue 4% sequentially and surpassing the midpoint of our guidance,” said Liam Griffin, president and CEO of Skyworks.

“We have observed consistent improvement in demand indicators within Broad Markets, while we have successfully supported multiple new product launches in Mobile. Furthermore, we posted another quarter of impressive free cash flow with margins exceeding 30%.”

Skyworks’ board approved a share repurchase program of up to $2 billion through Feb. 3, 2027. The buyback succeeds in its entirety the repurchase program that was approved in 2023. The company also declared a cash dividend of 70 cents per share, payable on March 17 to shareholders of record as of Feb. 24.

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Q2 Outlook: Skyworks expects second-quarter revenue to be between $935 million and $965 million versus estimates of $949.04 million, according to Benzinga Pro. The company anticipates second-quarter adjusted earnings of $1.20 per share versus estimates of $1.22 per share.

“We anticipate a mid-to-high teens sequential decline in mobile, consistent with historical seasonal patterns. In broad markets, we expect additional sequential and year-over-year growth,” said Kris Sennesael, senior vice president and CFO of Skyworks.

Leadership Transition: Skyworks announced Griffin will step down as CEO and board member. Philip Brace has been appointed president, CEO and a board member, effective Feb. 17. Griffin will remain with the company for three months to ensure a smooth transition process.

Christine King, who has served as Skyworks’ lead independent director since 2019, has been appointed as chairman of the board.

SWKS Price Action: Skyworks shares were down 22.69% after hours at $67.32 at the time of publication Wednesday, according to Benzinga Pro.