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.

Apple is Skyworks' largest customer. Image source: Apple.

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Source Fool.com