Shares of Skyworks Solutions Inc. are down after the chipmaker provided December quarter revenue and earnings targets below Wall Street expectations.
Skyworks projected fiscal first quarter adjusted profit at $1.91 per share, below the average analyst estimate of $2.08. It also predicted revenue of $1 billion to $1.02 billion, also below the consensus of $1.07 billion.
Investors pushed down shares about 7% to $77 and a $13.9 billion market cap.
The company, which is led by Liam Griffin in Irvine, reported fiscal fourth quarter revenue rose 2% to $1 billion for the period ended Sept. 28. It also reported flat year over year operating income of $379.6 million, or $1.94 per share. Both figures topped consensus estimates from two dozen analysts surveyed on Yahoo Finance.
The company, which has its on-the-books headquarters in Massachusetts, makes communication chips used in smartphones, tablets, routers, PCs and notebook computers, among other devices.
For its fiscal year, the company recorded record revenue of $3.8 billion, up 6%, and operating income of $7.22 per share, up 12%.