Skyworks first-quarter forecast disappoints, shares fall

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Nov 8 (Reuters) - Skyworks Solutions Inc forecast first-quarter revenue and profit below analysts' estimates, raising concerns of slowing demand for premium smartphones and sending its shares down 4 percent in extended trading.

The company forecast first-quarter adjusted earnings of $1.91 per share and revenue of $1 billion to $1.02 billion.

Analysts on average were expecting earnings of $2.08 per share and revenue of $1.07 billion, according to IBES data from Refinitiv.

Analysts have warned of cooling demand for smartphones in China, one of the biggest markets.

Global smartphone shipments declined 3 percent annually, recording 386.8 million units in the third quarter, according to the latest research from Counterpoint's Market Monitor service.

Net income rose to $285.5 million, or $1.58 per share, in the fourth quarter ended Sept. 28 from $281.3 million, or $1.51 per share, a year earlier.

Revenue rose 2.4 percent to $1.01 billion, beating analysts' average estimate of $1 billion.

Excluding certain items, Skyworks earned $1.94 per share, above estimates of $1.92.

This article appears in: Fundamental Analysis , Stocks , Earnings

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