Skyworks beats by $0.03, reports revs in-line; guides Q3 revs below consensus
4:07 PM ET 4/30/24 | Briefing.com
Reports Q2 (Mar) earnings of $1.55 per share, excluding non-recurring items, $0.03 better than the FactSet Consensus of $1.52; revenues fell 9.3% year/year to $1.05 bln vs the $1.05 bln FactSet Consensus."During the March quarter, in our mobile business, we saw below normal seasonal trends, with lower-than-expected end market demand. 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." Co issues downside guidance for Q3, sees Q3 revs of ~$882-918 mln vs. $1.02 bln FactSet Consensus.At the midpoint of the revenue range, we anticipate non-GAAP diluted earnings per share of $1.21. The FactSet Consensus is $1.46."We expect our mobile business to be down sequentially, below normal seasonal patterns, as excess inventory clears. In broad markets, we anticipate further modest growth as inventory levels appear to be normalizing in certain end markets."Skyworks' board of directors has declared a cash dividend of $0.68 per share of the Company's common stock, payable on June 11, 2024, to stockholders of record at the close of business on May 21, 2024.Briefing.com note: Apple (AAPL) accounted for 66% of net revenue in FY23 |
