Apple supplier Skyworks forecasts revenue decline for mobile segment in second quarter

Apple supplier Skyworks Solutions this week forecast declines in revenue in its mobile segment and projected profits below analysts’ consensus estimates for the current quarter on Wednesday.

Reuters:
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Separately, the company said it had named former Intel and Inseego executive Philip Brace as its next CEO and president as part of a succession process to replace former chief Liam Griffin.

Slower-than-expected adoption of electric vehicles, leading to an excess chip inventory, has weighed on the results of analog chipmakers such as Skyworks.

“We anticipate a mid-to-high teens sequential decline in mobile, consistent with historical seasonal patterns. In broad markets, we expect additional sequential and year-over-year growth,” CFO Kris Sennesael said in a statement.

Skyworks forecast second-quarter revenue to be between $935 million and $965 million, largely in line with estimates.

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MacDailyNews Note: Skyworks’ fiscal Q1 revenue (ended December 27), was $1.07 billion, in line with estimates, and its adjusted profit of $1.60 per share beat consensus estimates of $1.57 EPS.

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