Skyworks shares drop as outlook doesn’t impress

Skyworks Solutions Inc.
shares dropped in the extended session Thursday after the semiconductor-component company’s earnings outlook failed to impress investors. Skyworks shares fell 7% after hours, following a 0.7% rise in the regular session to close at $197.86. Skyworks forecast adjusted earnings of about $2.13 a share should revenue fall in the midpoint of its estimated revenue range of $1.075 billion to $1.125 billion for the fiscal third quarter, or $1.1 billion. Analysts surveyed by FactSet had estimated $2.11 a share on revenue of $1.07 billion. The company reported fiscal second-quarter net income of $325 million, or $1.95 a share, compared with $181.1 million, or $1.06 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.37 a share, compared with $1.34 a share in the year-ago period. Revenue rose to $1.17 billion from $766.1 million in the year-ago quarter. Analysts had forecast $2.35 a share on revenue of $1.15 billion.

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