Skyworks tumbles as sluggish smartphone market weighs on forecast

FILE PHOTO: Semiconductor chips are seen on a printed circuit board in this illustration picture taken February 17, 2023. REUTERS/Florence Lo/Illustration/File Photo

Nov 3 : 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 per cent 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

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• 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

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