Skyworks Solutions Inc (NASDAQ:SWKS) is trading lower Friday after the company announced its fiscal first-quarter 2022 financial results.
Skyworks reported quarterly revenue of $1.51 billion, which beat the $1.5 billion estimate. The company reported adjusted earnings of $3.14 per share, which beat the estimate of $3.12 per share.
"Based on new product ramps across our increasingly diversified product portfolio, we expect double-digit year-over-year revenue and earnings growth in the March quarter,” said Kris Sennesael, senior vice president and CFO of Skyworks.
Skyworks expects fiscal second-quarter revenue to be between $1.3 billion and $1.36 billion versus the estimate of $1.32 billion. The company guided for adjusted earnings of approximately $2.62 per share versus the estimate of $2.60 per share.
Analyst Assessment: Several analyst firms lowered price targets on the stock following Skyworks' quarterly results:
- Raymond James analyst Chris Caso maintained Skyworks with an Outperform rating and lowered the price target from $220 to $170.
- Benchmark analyst David Williams maintained Skyworks with a Buy rating and lowered the price target from $225 to $190.
- Susquehanna analyst Christopher Rolland maintained Skyworks with a Neutral rating and lowered the price target from $195 to $160.
- Morgan Stanley analyst Craig Hettenbach maintained Skyworks with an Equal-Weight rating and lowered the price target from $198 to $173.
See Also: Why Unity Software Shares Are Rising Today
Skyworks produces semiconductors for wireless handsets and other devices that are used to enable wireless connectivity.
SWKS Price Action: Skyworks has traded as high as $204 over a 52-week period. It's making new 52-week lows Friday.
The stock was down 5.28% at $131.30 at time of publication.
Photo: courtesy of Skyworks.
