Skyworks Solutions stock falls following weak outlook

By Wallace Witkowski

Skyworks Solutions Inc. shares fell Tuesday after the analog and mixed-signal chip maker's outlook fell short of Wall Street expectations.

Skyworks (SWKS) shares started declining after hours Monday following the report, after a 1.1% rise in the regular session to close at $105.24. The stock's price fell as low as 12.5% to $92.07 in Tuesday trading, and shares were last down about 5%.

Skyworks forecast a midpoint earnings of $1.67 a share on revenue between $1.05 billion and $1.09 billion for the third fiscal quarter, while analysts surveyed by FactSet had estimated $2.06 a share on revenue of $1.15 billion.

The company reported second-quarter net income of $232.8 million, or $1.46 a share, compared with $305.8 million, or $1.86 a share, in the year-ago period.

Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.02 a share, compared with $2.63 a share in the year-ago period.

Revenue declined to $1.15 billion from $1.34 billion in the year-ago quarter. Analysts had estimated $2.02 a share on revenue of $1.15 billion.

-Wallace Witkowski

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05-09-23 1224ET

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