Nov 3 (Reuters) – Skyworks Solutions forecast first-quarter revenue and profit below Wall Street expectations on Tuesday, signaling persistent weakness in its core smartphone business.
Shares of the chipmaker slumped more than 14% in extended trading.
Here are some details:
• The company forecast first-quarter revenue of $1.80 billion to $1.90 billion, below analysts’ estimate of about $1.99 billion
• Skyworks projected first-quarter adjusted earnings per share of $1.25, below estimates of about $1.52, according to data compiled by LSEG
• Smartphone revenue is expected to decline in the low-teens percentage range sequentially, reflecting seasonal trends and weakness in the premium Android market
• Skyworks reported fiscal fourth-quarter revenue of $1.05 billion, compared with analysts’ estimate of $1.04 billion
• 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
(Reporting by Prathik Jayaprakash in Bengaluru; Editing by Sriraj Kalluvila)
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