SWKS - Why Skyworks Solutions Stock Sank This Week
2024-05-03 18:21:00 ET
Skyworks Solutions (NASDAQ: SWKS) stock lost ground this week following the release of results for the second quarter of the company's current fiscal year, which ended March 29. The connectivity technologies specialist's share price ended this week's trading down 11.3% from last week's market close, according to data from S&P Global Market Intelligence .
Skyworks published its Q2 results after the market closed on April 30, posting earnings that beat the market's target and sales that were in line with Wall Street's expectations. Despite posting a bottom-line beat, the company's forward guidance caused investors to sell out of the stock.
Skyworks recorded non-GAAP (adjusted) earnings per share (EPS) of $1.55 on sales of $1.05 billion in fiscal Q2. Meanwhile, the average-analyst estimate had called for adjusted per-share earnings of $1.52 on sales of $1.05 billion in the period.
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Why Skyworks Solutions Stock Sank This Week