Skyworks Solutions (NASDAQ:SWKS) tumbled 25.17% to $65.16 as of 9:31 a.m. ET after revealing that Apple (AAPL) plans to reduce its reliance on the company for the iPhone 17.
During its Q1 fiscal 2025 earnings call, CFO Kris Sennesael said that while Skyworks secured some RF module contracts, its overall content share in the iPhone 17 is expected to drop 20% to 25%.
Skyworks isn't standing still, though. Sennesael said the company is already developing solutions for the iPhone 18 and working with other mobile manufacturers to soften the blow. Skyworks expects to partially offset losses in fiscal 2026 and position itself for potential growth in fiscal 2027.
The news triggered a wave of analyst downgrades:
With Apple making up 69% of Skyworks' revenue, analysts warn that shifting to Android devices won't fully recover lost sales anytime soon.
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