Skyworks Solutions Inc (NASDAQ: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.
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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.
