Skyworks falls as Q3 revenue forecast disappoints on mobile segment slowdown
** Shares of chip company Skyworks Solutions SWKS.O drop 11.7% to $94.10 premarket
** Stock set to hit 5-month low at market open
** The Apple supplier forecasts Q3 revenue below estimates on demand concerns, as clients struggle to offload excess inventory
** Co sees its "mobile business to be down sequentially, below normal seasonal patterns"
** TD Cowen downgrades stock to "hold" from "buy"
** Marking a major headwind into FY25 is a now expected ~10% content loss at Apple AAPL.O - TD Cowen
** Skyworks gets most of its revenue from selling radio frequency and other chips used in smartphones made by Apple and Samsung Electronics 005930.KS
** Stock down 5.2% YTD vs 11.9% rise in Philadelphia chip index .SOX
Reporting by Medha Singh
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
