Apple supplier Skyworks lowers guidance, cites weakness across largest smartphone customers

A Skyworks Solutions display at a trade show.
Source: Skyworks Solutions
A Skyworks Solutions display at a trade show.

Skyworks Solutions issued weak first quarter guidance Tuesday.

The semiconductor company lowered revenue projections to $970 million from $1 billion to $1.02 billion.

"First fiscal quarter results were impacted by unit weakness across our largest smartphone customers," said Liam K. Griffin, president and chief executive officer of Skyworks, in a statement.

It also lowered its earnings guidance to a range of $1.81 to $1.84 per share, down from from an estimated $1.91 per share.

The company is a supplier to Apple, which experienced weaker-than-expected sales in China and lowered its quarterly revenue guidance. It now expects revenue to be $84 billion, down from the estimated range of $89 billion to $93 billion.

In November, Citigroup downgraded Skyworks Solutions to neutral from buy.

The company will host a conference call on Feb. 5, 2019 at 5 p.m. EST.