Why Skyworks Solutions Stock Dropped Today
Shares of Skyworks Solutions (NASDAQ: SWKS) have dropped today, down by 2% as of 12:30 p.m. EST, after the company reported fiscal fourth-quarter earnings. The results and guidance destroyed expectations, but investors may have already been pricing in a busy holiday season for the prominent Apple supplier. The stock was down as much as 5% earlier in the session.
Revenue in the fiscal fourth quarter was $956.8 million, easily beating the consensus estimate of $840.6 million. That resulted in adjusted earnings per share of $1.85, crushing Wall Street's expectation of $1.52 per share in adjusted profits. Apple, which represented over half of Skyworks' revenue last fiscal year, ramped production of its new iPhone 12 lineup during the quarter.
Source Fool.com