Chipmaker Skyworks Solutions (SWKS) set its Wall Street earnings target for Internet sales in the fourth quarter late Tuesday. But the Skyworks earnings report sent the SWKS stock lower in expanded trading.
The Woburn, mass-based company earned an adjusted $ 1.52 per share on sales of $ 827 million in the quarter ended September 27. Analysts expected Skywork's earnings of $ 1.50 per share on sales of $ 827 million, according to Zacks Investment Research. On a yearly basis, Skyworks revenues fell 22% while sales fell 18%.
For the current quarter, Skyworks expects to make an adjusted $ 1.65 per share on sales of $ 880 million. It is based on the center of guidance. Wall Street modeled Skyworks revenue of $ 1.57 per share on sales of $ 863 million in the December quarter, Zacks said. In the prior year, it earned $ 1.83 on a $ 972 million sales stake.
"Strategic product launches, content gains and an expanding footprint in a broad set of customers, end markets and applications are expected to yield sequential revenue and revenue growth in the December quarter," CFO Kris Sennesael said in a news release.
Skyworks Earnings News Drives SWKS Stock Down
The Skyworks stock fell 4.4%, near 97.10, in the after-hours trading of the stock market today. During the regular session, the SWKS share rose 1.2% to 101.59.
21. On October, the Skyworks stock broke out of a 28-week consolidation period at a buy point of 88.87.
Skyworks creates wireless network chips. Its analog semiconductors serve markets such as aerospace, automotive, broadband, mobile infrastructure, consumer electronics, connected home, industry, medical and military.
"Skyworks delivered solid financial results in the fourth fiscal quarter, ending a year that saw extraordinary market volatility and change," CEO Liam Griffin said in a statement. "Looking ahead, we are well positioned to perform our mission of delivering compelling 5G solutions across a growing and diverse package of customers and markets."
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor companies.
YOU CAN ALSO LIKE:
Nvidia Stock Gets Price-Target Hikes Ahead Of Earnings Report
Is AMD Stock A Buying Right Now? This is what its stock chart shows
Stocks to buy and watch: Top Stock Exchanges, Large & Small Caps, Growth Stocks
Find Winning Stocks with MarketSmith Recognition of Patterns and Custom Monitors
Join IBD Live for Stock Ideas every morning before The Open