January 8, 2019 / 10:16 PM / a month ago

Apple supplier Skyworks cuts first-quarter profit and revenue estimates

Jan 8 (Reuters) - Apple Inc supplier Skyworks Solutions Inc on Tuesday lowered its first-quarter profit and revenue estimates, citing weakness across its biggest smartphone customers.

Investors have been worried about smartphone suppliers cutting forecasts, after Samsung Electronics on Tuesday estimated 29 percent drop in quarterly profit, joining Apple, which last week took the rare move of cutting its quarterly sales forecast, citing poor iPhone sales in China.

The RF chipmaker now expects revenue of $970 million for the quarter ended Dec. 28, compared to a prior guidance of $1 billion to $1.02 billion.

It also expects adjusted profit of $1.81 to $1.84 per share, compared to the prior guidance of $1.91 per share. (Reporting by Sonam Rai in Bengaluru; Editing by Shailesh Kuber)

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