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Skyworks Drops After Q3 Forecast

Sees revenue, profit well below estimates

Shares of Irvine-based chipmaker Skyworks Solutions Inc. fell almost 10% after forecasting third-quarter results that will miss analysts’ consensus estimates.

Shares dropped 9.5% in after-hours trading to $96.50 each. The company had a $17.1 billion market cap in regular trading before the results were released.

The company, which makes semiconductors for companies like Apple Inc., forecast third-quarter sales of $900 million, below the $1 billion expected by analysts. The company also predicted adjusted profit will be $1.21, below the $1.47 expected by analysts.

“During the March quarter, in our mobile business, we saw below normal seasonal trends, with lower-than-expected end market demand,” Chief Executive Liam Griffin said in a statement.

For more on Skyworks, see the Business Journal’s May 6 issue.

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Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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