Skyworks Solutions Inc (NASDAQ:SWKS) reported mixed third-quarter financial results on Tuesday.
Skyworks Solutions reported quarterly earnings of $1.21 per share which missed the analyst consensus estimate of $1.23 and is a 30.06% decrease from the same period last year.
Quarterly sales came in at $905.5 million which beat the analyst consensus estimate of $900.4 million and represents a 15.47% decrease in sales from the same period last year.
Skyworks expects fourth-quarter revenue to be between $1 billion to $1.04 billion with non-GAAP diluted earnings per share of $1.52 at the mid-point of the revenue range, versus the estimate of $1.51. The company expects its mobile business to be up approximately 20% sequentially, as demand and supply patterns appear to be normalizing.
Skyworks shares fell 5.7% to trade at $110.95 on Wednesday.
These analysts made changes to their price targets on Skyworks following earnings announcement.
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