Apple supplier Skyworks Solutions on Monday forecast fourth-quarter profit below Wall Street estimates as demand for wireless connected devices from customers outside the artificial intelligence (AI) industry remains gloomy.All the major markets for chips - including smartphones, PCs and data centers - ha
Apple supplier Skyworks Solutions on Monday forecast fourth-quarter profit below Wall Street estimates as demand for wireless connected devices from customers outside the artificial intelligence industry remains gloomy.
All the major markets for chips - including smartphones, PCs and data centers - have shrunk this year, as both corporate customers and consumers scale back spending amid a weak global economy, high inflation and higher borrowing costs. Apple - Skyworks' largest customer - last week predicted its sales would fall for a fourth straight quarter, dragged down by weak demand for its flagship device.
Chipmaker Skyworks said it expects fourth-quarter adjusted earnings of $2.10 per share, slightly below market estimates of $2.11 per share, according to Refinitiv data. It anticipates fourth-quarter revenue between $1.19 billion and $1.24 billion, the mid-point of which was in-line with analysts' average estimates of $1.22 billion.Excluding items, Skyworks posted profit of $1.73 per share in the third quarter ended June 30, above estimates of $1.70, according to Refinitiv data. It reported revenue of $1.07 billion, in-line with market estimates.
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