Bulletin: Skyworks Inc. Revenue Bottoming After Nearly Three Years Of Decline Despite Apple Content Loss

This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) Sept. 4, 2025--Irvine, Calif.-based radio-frequency (RF) semiconductor maker Skyworks Solutions Inc. reported stable fiscal third-quarter results, with revenue of $965 million exceeding the high end of its guidance range for 1% sequential and 7% year-over-year growth—and leverage remains well within our limits of the rating. This marked the first year-over-year improvement after 10 quarters of declines following a significant inventory buildup in the wake of COVID-19 pandemic-induced supply shortages. Management guided revenue for next quarter of $1 billion-$1.03 billion, a 5% sequential increase at the midpoint, with similar growth between the mobile and broad markets segments. However, year-over-year revenue would be down 1% with our expectation for

...September 4, 2025 This report does not constitute a rating action. SAN FRANCISCO (S&P Global Ratings) Sept. 4, 2025--Irvine, Calif.-based radio-frequency (RF) semiconductor maker Skyworks Solutions Inc. reported stable fiscal third-quarter results, with revenue of $965 million exceeding the high end of its guidance range for 1% sequential and 7% year-over-year growth--and leverage remains well within our limits of the rating. This marked the first year-over-year improvement after 10 quarters of declines following a significant inventory buildup in the wake of COVID-19 pandemic-induced supply shortages. Management guided revenue for next quarter of $1 billion-$1.03 billion, a 5% sequential increase at the midpoint, with similar growth between the mobile and broad markets segments. However, year-over-year revenue would be down 1% with our expectation for a mid-single-digit percent drop in mobile as the company starts to feel the effects of the 20%-25% content loss in the iPhone 17. We expect...

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