Apple supplier Skyworks Solutions on Wednesday projected third-quarter revenue and profit exceeding Wall Street expectations, indicating strong demand for its analog chips despite persistent trade tensions. Skyworks designs and manufactures analog and mixed-signal chips used in wireless communications, consumer and industrial electronics, and vehicles.
Reuters:
Shares of the California-based company were up 2.7% in extended trading.
“We remain encouraged by ongoing momentum in our broad markets that is on track for another quarter of sequential growth and improving year-over-year trends,” the company said.
It added that the mobile business is expected to decline in the low single digits sequentially.
Skyworks forecast third-quarter revenue to be between $920 million and $960 million, with the mid-point higher than analysts’ estimate of $922 million, according to data compiled by LSEG.
It also forecast an adjusted profit of $1.24 per share for the June quarter, above analysts’ average estimate of $1.06 per share.
MacDailyNews Take: This bodes very well for Apple as, in fiscal year 2024, Apple accounted for approximately 64% of Skyworks Solutions’ revenue. For the first quarter of fiscal 2025 (ended December 27, 2024), this increased to 72%, with about 85% of that revenue coming from iPhone components.
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