These Analysts Slash Their Forecasts On Skyworks Solutions After Q2 Results
Portfolio Pulse from Avi Kapoor
Skyworks Solutions, Inc. (NASDAQ:SWKS) reported Q2 earnings of $1.55 per share, surpassing the consensus estimate of $1.52. Sales were $1.05 billion, matching estimates but down 9.28% year-over-year. The company anticipates Q3 revenue of $900 million, below the $1.022 billion estimate. Shares dropped 1.2% following the announcement. TD Cowen and Rosenblatt adjusted their price targets and ratings for SWKS, with TD Cowen downgrading the stock from Buy to Hold.
May 01, 2024 | 12:39 pm
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Skyworks Solutions reported better-than-expected Q2 earnings but projected lower Q3 revenue. Shares fell 1.2% after the announcement. Analysts adjusted price targets and ratings.
The better-than-expected Q2 earnings for Skyworks Solutions are overshadowed by a lower revenue forecast for Q3 and a year-over-year sales decrease, leading to a negative short-term impact on the stock. Analyst downgrades and price target adjustments further contribute to the bearish outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100