Skyworks falls as Q3 revenue forecast disappoints on mobile segment slowdown

Skyworks Solutions

01/05/2024 09:45

** Shares of chip company Skyworks Solutions  SWKS.O  drop
11.7% to $94.10 premarket
    ** Stock set to hit 5-month low at market open
    ** The Apple supplier forecasts Q3 revenue below estimates
on demand concerns, as clients struggle to offload excess
inventory
    ** Co sees its "mobile business to be down sequentially,
below normal seasonal patterns"
    ** TD Cowen downgrades stock to "hold" from "buy"
    ** Marking a major headwind into FY25 is a now expected ~10%
content loss at Apple  AAPL.O  - TD Cowen
    ** Skyworks gets most of its revenue from selling radio
frequency and other chips used in smartphones made by Apple and
Samsung Electronics  005930.KS 
    ** Stock down 5.2% YTD vs 11.9% rise in Philadelphia chip
index  .SOX 

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))