Skyworks Solutions, a leading semiconductor company, suffered a major setback as it lost a portion of its highly lucrative business supplying Apple, its largest customer. Over the past 18 years, Skyworks has built a strong partnership with Apple, benefiting from the tech giant's constant push for innovative and integrated RF solutions.

However, the company revealed that due to intensifying competition, its content share for Apple's upcoming smartphone cycle is expected to decline by 20% to 25%. Despite developing high-performance RF solutions, Skyworks was unable to secure a single-source position for a major component and had to share the socket with a competitor.

The news sent shockwaves through the market, with Skyworks' stock plummeting over 26% in pre-market trading. The company also provided a weaker-than-expected revenue guidance for the second quarter, projecting revenue between $935 million and $965 million, below analysts' expectations. Skyworks anticipates a mid-to-high teens sequential decline in its mobile segment, consistent with historical seasonal patterns.