(Reuters) - Skyworks Solutions Inc (SWKS.O) forecast first-quarter revenue and profit below analysts’ estimates, raising concerns of slowing demand for premium smartphones and sending its shares down 4 percent in extended trading.
The company forecast first-quarter adjusted earnings of $1.91 per share and revenue of $1 billion to $1.02 billion.
Analysts on average were expecting earnings of $2.08 per share and revenue of $1.07 billion, according to IBES data from Refinitiv.
Analysts have warned of cooling demand for smartphones in China, one of the biggest markets.
Global smartphone shipments declined 3 percent annually, recording 386.8 million units in the third quarter, according to the latest research from Counterpoint’s Market Monitor service.
Net income rose to $285.5 million, or $1.58 per share, in the fourth quarter ended Sept. 28 from $281.3 million, or $1.51 per share, a year earlier.
Revenue rose 2.4 percent to $1.01 billion, beating analysts’ average estimate of $1 billion.
Excluding certain items, Skyworks earned $1.94 per share, above estimates of $1.92.
Reporting by Sonam Rai in Bengaluru; Editing by Anil D'Silva