Skyworks Solutions Shares Fall On Mixed Q2 Results, Weak Guidance

Skyworks Solutions, Inc. SWKS reported its second-quarter financial results after the bell Tuesday. Here's a look at the details. 

The Details: Skyworks Solutions reported quarterly earnings of $1.55 per share which beat the analyst consensus estimate of $1.52 by 1.97%.

Quarterly sales came in at $1.05 billion, in-line with the analyst consensus estimate, a 9.28% decrease from sales of $1.15 billion from the same period last year.

“Skyworks delivered solid results and strong cash generation in a challenging macroeconomic environment,” said Liam K. Griffin, CEO of Skyworks.

“During the March quarter, in our mobile business, we saw below normal seasonal trends, with lower-than-expected end market demand. Over the long-term, we intend to leverage our connectivity technology across edge-connected IoT devices, automotive electrification and advanced safety systems, and AI infrastructure.”

Outlook: Skyworks saw third-quarter revenue of $900 million, plus or minus 2%, versus the $1.022 billion estimate.

“At the mid-point of the revenue range, we anticipate non-GAAP diluted earnings per share of $1.21. We expect our mobile business to be down sequentially, below normal seasonal patterns, as excess inventory clears. In broad markets, we anticipate further modest growth as inventory levels appear to be normalizing in certain end markets,” said Kris Sennesael, CFO of Skyworks.

SKWS Price Action: According to Benzinga Pro, Skyworks shares are down 9.28% after-hours at $96.70 at the time of publication Tuesday.

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Photo: Gerd Altmann from Pixabay