Skyworks cuts guidance on smartphone weakness
The first fiscal quarter of 2019 ended on December 28, 2018. Skyworks is known from teardowns of iPhones to be a supplier of numerous RF chips to Apple and Apple is thought to be Skywork’s largest customer.
Skyworks has cut the revenue forecast to approximately $970 million, down 4 percent from the mid-point of its previously forecast range from between $1.00 billion and $1.02 billion. “First fiscal quarter results were impacted by unit weakness across our largest smartphone customers,” said Liam Griffin, CEO of Skyworks, in a statement.
A few days earlier Apple had announced that its iPhone sales for the final months of 2018 were below expectations and cut it own quarterly revenue forecast to $84 billion, down by 6.7 percent from the mid-point of the previous guidance range of $89 billion and $91 billion.
“Despite these near-term challenges, our broad markets business tracked in-line with our prior outlook. In addition, cash flow generation continued to be strong, allowing us to return cash to shareholders through share repurchases and dividends,” Griffin also said.
Skyworks is scheduled to publish its quarterly results on February 5, 2019.
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