WOBURN, Mass. (AP) — Analog chipmaker Skyworks Solutions now anticipates that its fourth-quarter adjusted earnings will come in above its prior forecast and that revenue will be at the high end of its previous outlook.
But investors may have expected more, as shares of the company dropped $2.52, or 8.6 percent, to $26.96 in midday trading on Thursday. Over the past year, the stock has traded in a range of $13.72 to $31.44.
Skyworks Solutions Inc. now expects fourth-quarter adjusted earnings of 52 cents per share. Its prior guidance was for adjusted earnings between 50 cents and 51 cents per share.
The Woburn, Mass. company predicts revenue of $420 million, which is at the high end of its previous outlook of $415 million to $420 million.
Analysts polled by FactSet foresee earnings of 51 cents per share on revenue of $419.9 million.