Skyworks Solutions (SWKS), a prominent semiconductor company, experienced a significant 22.08% plunge in its stock price during Wednesday's intraday session. The steep decline was fueled by concerns over intensifying competition and a weaker outlook for the upcoming quarter.
One of the key factors contributing to the stock's selloff was the company's revelation that it had lost a portion of its semiconductor business supplying components to Apple, its largest customer. According to Chief Financial Officer Kris Sennesael, Skyworks expects its share of the Apple business to decline by 20% to 25% due to increased competition.
Additionally, Skyworks provided a disappointing revenue guidance for the second quarter, projecting revenue between $935 million and $965 million. This range fell short of analysts' expectations, further exacerbating concerns among investors. The company also forecasted a sequential decline in revenue for its mobile segment in the mid-to-high teens, consistent with historical seasonal patterns.
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