Shares of Skyworks Solutions, Inc. (SWKS) slipped over 25% on Thursday morning after the company reported its first-quarter results, with profit dropping from last year, as revenues decreased. Skyworks also appointed Philip Brace as the new CEO.
SWKS is currently trading at $64.68, down $22.40 or 25.73%, on the Nasdaq. The stock opened its trading at $62.54 after closing Wednesday at $87.08. The stock has traded between $62.01 and $120.86 in the past 52-week period.
Net income for the first quarter was $162 million or $1.00 per share, compared to $231.3 million or $1.44 per share last year.
Adjusted net income for the quarter was $258.3 million or $1.60 per share, compared to $317.0 million or $1.97 per share last year.
Revenues for the first quarter were $1.068 billion, down from $1.201 billion last year.
Separately, Skyworks announced that Philip Brace has been appointed president and chief executive officer and a member of the board of directors, effective February 17, 2025.
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