Why Skyworks Solutions Shares Are Falling Today

Skyworks Solutions Inc SWKS shares are trading lower Wednesday after the company reported financial results and issued guidance below analyst estimates.

Skyworks said fiscal second-quarter revenue increased 14% year-over-year to $1.34 billion, which beat the $1.33 billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $2.63 per share, which was in line with estimates.

Skyworks expects fiscal third-quarter revenue to be between $1.2 billion and $1.26 billion versus the $1.3 billion estimate. The company expects adjusted earnings of $2.36 per share at the midpoint versus the estimate of $2.55 per share.

Analyst Assessment: 

  • Rosenblatt analyst Kevin Cassidy maintained Skyworks with a Buy rating and lowered the price target from $240 to $190.
  • Wells Fargo analyst Gary Mobley maintained Skyworks with an Overweight rating and lowered the price target from $195 to $160.

See Also: Skyworks Solutions Whale Trades Spotted

SWKS Price Action: Skyworks is making new 52-week lows on Wednesday.

The stock was down 11.3% at $105.91 at press time.

Photo: courtesy of Skyworks.

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