Skyworks Q3 Profit Plunges 68% on Revenue Decline, Guides Q4 Above Views
SWKS sits 18% above its 52-week low of $51.93.
Summary
Skyworks reported a sharp drop in Q3 GAAP net income to $33.9M ($0.22/share) from $105.0M ($0.70/share) a year ago, while revenue fell 3.1% to $934.8M. Non-GAAP EPS of $1.08 beat expectations, and the company guided Q4 revenue to $1.010B–$1.060B with EPS of $1.27, both above consensus. The results follow the May announcement of the $8.6B Qorvo acquisition and a suspended dividend, with a new $2B buyback authorized. The profit retreat reflects ongoing merger-related costs and softer demand, but the strong guidance suggests confidence in the pending deal's benefits. The Qorvo merger integration and cost synergies will be key to watch as the transaction progresses.
At the time of this announcement, SWKS was trading at $61.26 on NASDAQ in the Technology sector, with a market capitalization of approximately $9.7B. The 52-week trading range was $51.93 to $90.90. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: dpa-AFX.