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Skyworks shares fall after first-quarter outlook misses estimates
CNA, carrying Reuters, said Skyworks Solutions issued a first-quarter revenue and profit outlook below Wall Street estimates on Tuesday, and that shares fell more than 14% after hours.
Based on reporting by CNA and Reuters
Wire reporting: (Reuters, via CNA)
Skyworks Solutions on Tuesday issued a first-quarter revenue and profit outlook below Wall Street estimates, according to a Channel NewsAsia reprint of a Reuters report1,2.
The CNA account said shares of the chipmaker fell more than 14 percent in extended trading1.
It said the company forecast first-quarter revenue of $1.80 billion to $1.90 billion, below an analysts' estimate of about $1.99 billion, and projected first-quarter adjusted earnings per share of $1.25, below estimates of about $1.52 in LSEG data1.
Smartphone revenue is expected to decline in the low-teens percentage range sequentially, the reprint said, citing seasonal trends and weakness in the premium Android market1.
Skyworks reported fiscal fourth-quarter revenue of $1.05 billion, compared with an analysts' estimate of $1.04 billion, according to the same account1.
The company said it completed the acquisition of Qorvo after the end of the fiscal fourth quarter and expects the combination to generate at least $500 million in annual cost savings, CNA reported, crediting Reuters1,2.
