Skyworks Shares Drop on Weak Forecast
Skyworks Solutions forecasted first-quarter revenue and profit below Wall Street estimates, driven by persistent weakness in the smartphone market. Shares of the chipmaker slumped more than 14 percent in extended trading following the announcement.
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SKYWORKS SOLUTIONS INC forecast first-quarter revenue and profit below Wall Street estimates during Tuesday evening trade, driven by persistent weakness in the smartphone market. Shares of the chipmaker tumbled 14% in extended trading following the release. The weak guidance underscores ongoing strain in the premium Android sector.
