Irvine-based chipmaker Skyworks Solutions Inc. is looking to increase its automotive market for its chips, as the company still gets two-thirds of its revenue from tech giant Apple.
Skyworks (Nasdaq: SWKS) on Nov. 2 reported fiscal fourth-quarter revenue of $1.22 billion.
The company disappointed investors with projected revenue of between $1.18 billion and $1.23 billion for the current quarter. Analysts had forecast $1.29 billion.
Skyworks acknowledged it’s been facing “macroeconomic headwinds.”
The latest earnings report caused three analysts—at Keybanc, Morgan Stanley and Susquehanna—to lower their price targets for the company. The targets range from $95 apiece to $130 each.
The company’s share price closed at $91.05 apiece on Nov. 3, little changed from the year’s start. OC’s fourth-most valuable public company counts a roughly $14 billion market cap.
Skyworks’ Chief Executive Liam Griffin, in a conference call with stock analysts, remained optimistic, citing among other factors where demand may improve: China, automotive and Android mobile apps.
Chief Financial Officer Kris Sennesael told the analysts that Apple (Nasdaq: AAPL), accounted for approximately 68% of total revenue in September while on a full-year basis, it’s set at approximately 66% of total revenue.
