Key facts
- Skyworks 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, per LSEG data.
- Skyworks said smartphone revenue is expected to decline in the low-teens percentage range sequentially.
- Skyworks reported fiscal fourth-quarter revenue of $1.05 billion, compared with analysts' estimate of $1.04 billion.
- Skyworks said it completed the acquisition of Qorvo after the fiscal fourth quarter and expects at least $500 million in annual cost savings.
Skyworks Solutions forecast first-quarter revenue and profit below Wall Street expectations on Tuesday, pointing to continued weakness in its core smartphone business. The chipmaker projected revenue of $1.80 billion to $1.90 billion, below analysts' estimate of about $1.99 billion, and 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, the company said. 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. Shares of Skyworks fell more than 14% in extended trading.