Shares of Irvine-based chipmaker Skyworks Solutions Inc. fell almost 10% after forecasting third-quarter results that will miss analysts’ consensus estimates.
Shares dropped 9.5% in after-hours trading to $96.50 each. The company had a $17.1 billion market cap in regular trading before the results were released.
The company, which makes semiconductors for companies like Apple Inc., forecast third-quarter sales of $900 million, below the $1 billion expected by analysts. The company also predicted adjusted profit will be $1.21, below the $1.47 expected by analysts.
“During the March quarter, in our mobile business, we saw below normal seasonal trends, with lower-than-expected end market demand,” Chief Executive Liam Griffin said in a statement.
For more on Skyworks, see the Business Journal’s May 6 issue.
