Why Skyworks Solutions Stock Was Falling Earlier Tuesday
Shares of Skyworks Solutions (NASDAQ: SWKS) were down 6% as of 1:11 p.m. ET on Tuesday following disappointing guidance issued in its fiscal second-quarter earnings report. The supplier of analog and mixed-signal semiconductors posted another sequential decline in revenue amid challenging conditions in the chip industry.
The shares are trading 49% off their all-time high set in 2021. However, the stock's positive return year to date going into the earnings report suggests the market was expecting a better outlook for demand.
After posting robust growth over a year ago, Skyworks has reported declining revenue for two consecutive quarters. Revenue was down 12% year over year in the quarter ending in December before falling nearly 14% in fiscal Q2.
Source Fool.com
