Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Skyworks Solutions, Inc. (NASDAQ:SWKS) reported better-than-expected second-quarter earnings on Tuesday.
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, according to data from Benzinga Pro.
"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."
Skyworks said it sees third-quarter revenue of $900 million, plus or minus 2%, versus the $1.022 billion estimate.
Skyworks shares fell 1.2% to close at $106.59 on Tuesday.
These analysts made changes to their price targets on Skyworks following earnings announcement.
- TD Cowen cut the price target on Skyworks from $125 to $90. TD Cowen analyst Matthew Ramsay downgraded the stock from Buy to Hold.
- Rosenblatt slashed the price target on Skyworks from $130 to $120. Rosenblatt analyst Kevin Cassidy maintained a Buy rating.
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