Skyworks Solutions Inc.
shares dropped in the extended session Thursday even after the semiconductor-component company’s results and outlook topped Wall Street estimates. Skyworks shares fell 5% after hours, following a 2.4% rise in the regular session to close at $196.67. The company reported fiscal third-quarter net income of $337.8 million, or $2.02 a share, compared with $129.7 million, or 77 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.15 a share, compared with $1.25 a share in the year-ago period. Revenue rose to $1.12 billion from $736.8 million in the year-ago quarter. Analysts had forecast $2.14 a share on revenue of $1.11 billion. Skyworks forecast adjusted earnings of about $2.53 a share should revenue fall in the midpoint of its estimated revenue range of $1.27 billion to $1.33 billion for the fiscal fourth quarter. Analysts surveyed by FactSet had estimated $2.47 a share on revenue of $1.23 billion.
View more information: https://www.marketwatch.com/story/skyworks-stock-falls-after-results-outlook-top-street-view-11627597158