Apple supplier Skyworks Solutions this week forecast declines in revenue in its mobile segment and projected profits below analysts’ consensus estimates for the current quarter on Wednesday.
Reuters:
Separately, the company said it had named former Intel and Inseego executive Philip Brace as its next CEO and president as part of a succession process to replace former chief Liam Griffin.
Slower-than-expected adoption of electric vehicles, leading to an excess chip inventory, has weighed on the results of analog chipmakers such as Skyworks.
“We anticipate a mid-to-high teens sequential decline in mobile, consistent with historical seasonal patterns. In broad markets, we expect additional sequential and year-over-year growth,” CFO Kris Sennesael said in a statement.
Skyworks forecast second-quarter revenue to be between $935 million and $965 million, largely in line with estimates.
MacDailyNews Note: Skyworks’ fiscal Q1 revenue (ended December 27), was $1.07 billion, in line with estimates, and its adjusted profit of $1.60 per share beat consensus estimates of $1.57 EPS.
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