Chipmaker Skyworks Solutions falls on dour first-quarter forecast
Nov 2 (Reuters) - Apple supplier Skyworks Solutions forecast first-quarter revenue below estimates on Thursday, as the company gets ready to face fierce competition from Chinese-manufactured chips.
Increased competition, especially from domestic chip makers in China after Huawei's Mate 60 phone launch in August, is expected to be detrimental to the market share of Skyworks and its peers.
The company, which makes chips for cellular and WiFi connectivity, expects its "mobile business to demonstrate momentum", according to Skyworks finance chief Kris Sennesael.
Skyworks rivals Qorvo and Qualcomm, both of which produce chips for smartphones, forecast upbeat current-quarter earnings earlier this week on signs of recovery in the smartphone market.
Skyworks forecast first-quarter revenue to be between $1.18 billion and $1.23 billion, compared with analysts' average estimates of $1.29 billion, according to LSEG data.
On an adjusted basis, Skyworks expects first-quarter profit per share of $1.95, below Street estimates of $2.30. (Reporting by Akshita Toshniwal; Editing by Krishna Chandra Eluri)
