Skyworks dips as Q3 outlook falls short of market expectations Apr. 30, 2024 4:33 PM ET By: Brandon Evans , SA News Editor [Seeking Alpha]
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However, the third quarter outlook fell a bit short of the consensus, prompting a 7% drop during early post-market trading. Skyworks reported earnings per share of $1.55 for the second quarter, which was more than the market expected. Revenue for the quarter totaled $1.046B, which was just below the consensus. The analysts' consensus expected earnings per share of $1.52 on revenue of $1.05B for the quarter-ended March 29. "During the March quarter, in our mobile business, we saw below normal seasonal trends, with lower-than-expected end market demand," said Skyworks CEO Liam Griffin. "Over the long-term, we intend to leverage our connectivity technology across edge-connected IoT devices, automotive electrification and advanced safety systems, and AI infrastructure." Looking ahead to the third quarter, the semiconductor company expects earnings per share of $1.21 on revenue of $900M, plus or minus 2%. This is below the market consensus of earning $1.46 per share on revenue of $1
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