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Benzinga
Benzinga
Business
Adam Eckert

Why Skyworks Solutions Shares Are Falling Today

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.

See Also: Skyworks Solutions Whale Trades Spotted

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.

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