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Nov. 12, 2019, 6:38 p.m. EST · CORRECTED

Skyworks Solutions shares slip 4% on big drop in revenue

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By Jon Swartz

This update corrects the EPS estimate for fourth quarter.

Skyworks Solutions Inc. /zigman2/quotes/201417573/composite SWKS -1.57% shares slipped 4% in after-hours trading Tuesday after the semiconductor company reported a big drop in fourth-quarter revenue year-over-year. Skyworks reported net income of $210.6 million, or $1.22 a share, compared with net income of $285.5 million, or $1.58 in the year-ago period. Adjusted for one-time items, the company reported earnings of $1.52 a share, compared with $1.94 a share a year ago. Revenue plunged 22% to $827.4 million from $1 billion a year ago. Analysts surveyed by FactSet had expected adjusted earnings of $1.50 a share on revenue of $825 million. Skyworks shares are up 51% this year. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.50% has gained 23% this year.

/zigman2/quotes/201417573/composite
US : U.S.: Nasdaq
$ 125.85
-2.01 -1.57%
Volume: 1.37M
July 1, 2020 4:00p
P/E Ratio
27.30
Dividend Yield
1.40%
Market Cap
$21.33 billion
Rev. per Employee
$402,989
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/zigman2/quotes/210599714/realtime
US : S&P US
3,115.86
+15.57 +0.50%
Volume: 2.70B
July 1, 2020 5:11p
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