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Skyworks tumbles as sluggish smartphone market weighs on forecast

By Reuters News

Nov 3 (Reuters) - Skyworks Solutions SWKS.O forecast first-quarter revenue and profit below Wall Street expectations on Tuesday, signaling persistent weakness in its core smartphone business.

Shares of the chipmaker slumped more than 14% in extended trading.

Here are some details:

  • The company forecast first-quarter revenue of $1.80 billion to $1.90 billion, below analysts' estimate of about $1.99 billion

  • Skyworks projected first-quarter adjusted earnings per share of $1.25, below estimates of about $1.52, according to data compiled by LSEG

  • Smartphone revenue is expected to decline in the low-teens percentage range sequentially, reflecting seasonal trends and weakness in the premium Android market

  • Skyworks reported fiscal fourth-quarter revenue of $1.05 billion, compared with analysts' estimate of $1.04 billion

  • The company said it completed the acquisition of Qorvo after the end of the fiscal fourth quarter and expects the combination to generate at least $500 million in annual cost savings

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