Skyworks Solutions (SWKS) shares plunged 5.26% in the after-hours trading session on Wednesday, following the announcement of a leadership change and a weaker-than-expected revenue guidance for the upcoming quarter.
The semiconductor company revealed that its President and CEO, Liam K. Griffin, will be stepping down from his roles, and Philip Brace has been appointed as the new President and Chief Executive Officer, effective immediately. Christine King has also been appointed as the new Chairman of the Board.
Additionally, Skyworks reported its first-quarter earnings results, with earnings per share of $1.6, marginally beating analysts' estimates of $1.57. However, the company's revenue guidance for the second quarter fell short of expectations, projecting revenue between $935 million and $965 million, while analysts had anticipated higher figures.
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