Why You Should Be Buying This Top 5G Stock in May
The novel coronavirus outbreak has been hurting businesses across the globe, as the steps taken to contain the virus have brought economic activity to a near halt. So it wasn't surprising to see Skyworks Solutions (NASDAQ: SWKS) succumb to the impact of COVID-19 when it released its fiscal second-quarter results.
The chipmaker's third-quarter outlook fell short of Wall Street's expectations, as it had to shave $45 million from its guidance to account for the negative impact of COVID-19. Management cited "limited" visibility while offering revenue guidance of $670 million to $710 million, which missed consensus estimates of $720 million by quite some margin. The company expects adjusted earnings of $1.13 per share this quarter, lower than analysts' expectations of $1.24 per share.
But investors looking to add a 5G stock to their portfolio shouldn't pay much attention to those analyst estimates. There was a lot to like about Skyworks' latest quarterly report that could make it a top semiconductor pick for the future.
Source Fool.com
