Why Skyworks Solutions Shares Are Sliding After Hours

Skyworks Solutions Inc SWKS shares are trading lower in Tuesday's after-hours session after the company reported financial results and issued guidance below analyst estimates.

Skyworks said fiscal second-quarter revenue increased 14% year-over-year to $1.34 billion, which beat the $1.33 billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $2.63 per share, which was in line with estimates. 

"Moving forward, we are well-positioned for future growth and robust cash generation, underpinned by industry-leading manufacturing capabilities, continued investment in cutting-edge technologies and design win momentum over an expanding customer set," said Liam Griffin, chairman, president, and CEO of Skyworks.

Skyworks expects fiscal third-quarter revenue of $1.2 billion and $1.26 billion versus the $1.3 billion estimate. The company expects adjusted earnings of $2.36 per share at the midpoint versus the estimate of $2.55 per share. 

SWKS 52-Week Range: $111.20 - $197.62

The stock was down 4.58% in after-hours at $114 at press time.

Photo: courtesy of Skyworks.

Posted In: Liam Griffinwhy it's movingEarningsNewsGuidanceMoversTrading Ideas