Shares in Irvine-based chipmaker Skyworks Solutions Inc. (Nasdaq: SWKS) fell 24% in after-hours trading after issuing a weak forecast for the current quarter and naming a new CEO.
The company projected earnings per share below analyst estimates and predicted a decline in its mobile segment.
Skyworks also said it has appointed Philip Brace as its new CEO and president, succeeding Liam Griffin in those roles.
Griffin will remain with Skyworks in an advisory role for three months to help ensure a smooth transition.
Shares in Skyworks fell after hours to $65.56Â apiece after trading with an intraday market cap of $14 billion.
For further details, see the Feb. 10 print edition.
