Skyworks Solutions, Inc. announced its second-quarter financial results, revealing earnings of $1.55 per share, surpassing the analyst consensus estimate by 1.97%. The company reported quarterly sales of $1.05 billion, showing a 9.28% decrease from the same period last year but aligning with analyst expectations.
CEO of Skyworks, Liam K. Griffin, expressed satisfaction with the company's performance in delivering solid results and generating strong cash flow amidst a challenging macroeconomic landscape. Griffin highlighted below normal seasonal trends in the mobile business, citing lower-than-expected end market demand. He emphasized the company's commitment to leveraging connectivity technology in edge-connected IoT devices, automotive electrification, safety systems, and AI infrastructure for future growth opportunities.
Looking ahead, Skyworks provided an outlook for third-quarter revenue of $900 million, plus or minus 2%, compared to the estimated $1.022 billion. CFO Kris Sennesael hinted at non-GAAP diluted earnings per share of $1.21 at the mid-point of the revenue range. Expectations for the mobile business to decline sequentially below seasonal patterns were noted, attributing it to excess inventory clearance. Modest growth in broad markets was anticipated, as inventory levels normalize in specific end markets. Despite the challenges reflected in post-earnings trading, with Skyworks shares down 9.28% after-hours, the company remains focused on executing its long-term strategy for sustained growth.