Apple Supplier Skyworks Cuts Revenue Forecast Due to Coronavirus Epidemic
Apple (NASDAQ: AAPL) chip supplier Skyworks Solutions (NASDAQ: SWKS) announced on Wednesday that it was slashing its revenue and earnings forecast for the current fiscal quarter due to falling demand brought on by the COVID-19 outbreak. The company noted that while there had been "no significant disruption within Skyworks' manufacturing operations to date, the current demand environment for our products has been negatively impacted by interruptions in global supply chains."
The semiconductor company is now guiding for fiscal second-quarter revenue in a range of $760 million to $770 million, which would represent a year-over-year decline of between 5% and 6%. This compares to its previous forecast of revenue in a range of $800 million and $820 million, between a decline of 1% and a gain of 1% versus the year-ago quarter.
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Source Fool.com
