WOBURN, Mass. (AP) — Shares of Skyworks Solutions Inc. slid Friday after the chip-maker's outlook for the current quarter, its fiscal first, fell slightly short of Wall Street expectations.
THE SPARK: Skyworks late on Thursday predicted earnings, excluding one-time items, of 54 cents per share on revenue of $450 million, for the quarter ending in December. Analysts polled by FactSet had expected slightly higher profit of 56 cents per share on revenue of $450.7 million.
THE BIG PICTURE: Skyworks' chips are used in cellphones and tablets, cell towers and in other industries.
THE ANALYSIS: Investors have high expectations for Skyworks' results because it's an iPhone supplier, said Sterne Agee analyst Vijay Rakesh. They may have been expecting bolder predictions from the company for the current quarter.
Apple Inc. released its newest version of the popular smartphone, the iPhone 5, in late September.
SHARE ACTION: The Woburn, Mass., company's stock tumbled $3.31, or 14 percent, to $20.77 in afternoon trading on Friday. The shares had gained 48 percent this year through Thursday.