Skyworks forecasts upbeat third-quarter results; appoints new CFO
(Reuters) -Apple supplier Skyworks Solutions on Wednesday forecast third-quarter revenue and profit above Wall Street estimates, signaling resilient demand for its analog chips despite ongoing trade tensions.
Separately, the company announced that Mark Dentinger will take over as chief financial officer, effective June 2, succeeding Kris Sennesael, who will step down effective Friday, to pursue another opportunity.
Dentinger was earlier the CFO at data management firm Veritas.
Shares of the California-based company were up 2.7% in extended trading.
"We remain encouraged by ongoing momentum in our broad markets that is on track for another quarter of sequential growth and improving year-over-year trends," the company said.
It added that the mobile business is expected to decline in the low single digits sequentially.
Skyworks forecast third-quarter revenue to be between $920 million and $960 million, with the mid-point higher than analysts' estimate of $922 million, according to data compiled by LSEG.
It also forecast an adjusted profit of $1.24 per share for the June quarter, above analysts' average estimate of $1.06 per share.
Skyworks, which competes with chip firms such as NXP Semiconductors, Qorvo and Texas Instruments, designs and manufactures analog and mixed-signal chips used in wireless communication, automotive, industrial and consumer electronics.
Skyworks' revenue in the second quarter was $953 billion, beating analysts' estimates of $951.5 million. It reported adjusted profit per share of $1.24, exceeding estimates of $1.20.
(Reporting by Priyanka.G in Bengaluru; Editing by Leroy Leo)
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