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Skyworks Solutions, Inc. (SWKS), headquartered in Irvine, California, is a semiconductor company specializing in developing analog and mixed-signal solutions for various markets, including mobile communications, automotive, and IoT. With a market cap of $15.35 billion, Skyworks Solutions is set to announce its Q4 earnings report on Thursday, Nov. 7.
Ahead of the event, analysts expect SWKS to report a profit of $1.25 per share, down 35.9% from $1.95 in the year-ago quarter. The company has consistently beaten Wall Street's earnings estimates in the past four quarters.
Its adjusted earnings of $0.99 per share for the last quarter missed the consensus estimate by 3.1%. Skyworks' performance was primarily driven by growth in its mobile business, which ramped up as demand and supply normalized, alongside a recovering broad markets business.
For fiscal 2024, analysts expect SWKS to report EPS of $5.21, down 31.5% from $7.61 in fiscal 2023.
SWKS stock is down 14.9% on a YTD basis, significantly underperforming the broader S&P 500 Index's ($SPX) 22.7% gains and the SPDR S&P Semiconductor ETF’s (XSD) 7.8% gain over the same time frame.
Shares of Skyworks Solutions gained marginally after the company reported its Q3 earnings on Jul. 30. However, the stock declined for six consecutive trading sessions despite its top and bottom lines meeting projections. Its revenue of $905.5 million declined 15% year over year.
The consensus opinion on SWKS stock is cautious, with an overall “Hold” rating. Of 24 analysts covering the stock, five advise a “Strong Buy” rating, 16 suggest a “Hold,” one recommend a “Moderate Sell,” and two give a “Strong Sell.”
SWKS’ average analyst price target is $114.18, suggesting a potential upside of 19.4% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
