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Skyworks Solutions Inc (NASDAQ:SWKS) reported mixed third-quarter financial results on Tuesday.
Skyworks Solutions reported quarterly earnings of $1.21 per share which missed the analyst consensus estimate of $1.23 and is a 30.06% decrease from the same period last year.
Quarterly sales came in at $905.5 million which beat the analyst consensus estimate of $900.4 million and represents a 15.47% decrease in sales from the same period last year.
"Skyworks generated solid results and strong profitability consistent with our guidance," said Liam K. Griffin, CEO of Skyworks. "Exiting the June quarter, our mobile business is ramping up while our broad markets business continues to recover. Over the medium-to-long-term, we expect generative AI applications will migrate to the edge, including the smartphone, driving a meaningful replacement cycle and leading to higher levels of RF complexity."
Skyworks expects fourth-quarter revenue to be between $1 billion to $1.04 billion with non-GAAP diluted earnings per share of $1.52 at the mid-point of the revenue range, versus the estimate of $1.51. The company expects its mobile business to be up approximately 20% sequentially, as demand and supply patterns appear to be normalizing.
Skyworks shares fell 5.7% to trade at $110.95 on Wednesday.
These analysts made changes to their price targets on Skyworks following earnings announcement.
Posted In: SWKS
