Skyworks Solutions, Inc.NASDAQ
Fri, Sep. 16, 1:44 PM
- While already anticipated, Intel (INTC +2%) components are now confirmed to be installed within certain iPhone 7 configurations. Two Intel RF transceivers, a baseband modem and RF power management ICs are noted.
- Modems, transceivers and power management ICs provided by Qualcomm (QCOM +0.2% ) are also confirmed to be utilized in other device variations. Qualcomm had historically maintained an exclusive provider position of modem components for previous iPhone iterations.
- Supplies from Skyworks Solutions (SWKS -1.9%), Cirrus Logic (CRUS -1.8%), Samsung Electronics (OTC:SSNLF), Taiwan Semiconductor Manufacturing Company (TSM -0.7%), NXP Semiconductors (NXPI -2.2%), Broadcom (AVGO -1.3%), Qorvo (QRVO -2.4%), Texas Instruments (TXN -0.5%), Toshiba (OTCPK:TOSBF +4.4%), Lattice Semiconductor, (LSCC -0.6%), Dialog Semiconductor (OTC:DLGNF), SK Hynix (OTC:HXSCF) and other makers also so far validated.
Mon, Aug. 29, 4:48 PM
- Kris Sennesael, previously CFO of Enphase Energy, joins Skyworks (NASDAQ:SWKS) as senior vice president and CFO.
- Skyworks president and CEO Liam Griffin: “We are delighted to have Kris join Skyworks as we embark on our next key growth phase driven by ubiquitous mobile connectivity and the Internet of Things. His unique combination of financial expertise, operational acumen and industry knowledge will be valuable assets as we build upon our market leadership and take Skyworks to the next level of financial outperformance.”
- Sennesael: “I am excited to be joining Skyworks’ management team and enhancing the Company’s industry-leading financial returns. Specifically, I look forward to driving further gross margin expansion, operational excellence and ultimately shareholder value.”
- Outgoing CFO (since 2007) Donald Palette will enter into a transitional advisory role before retiring.
- The news comes after the company earlier today announced a connected-car solutions partnership with LG Electronics.
Wed, Aug. 10, 11:43 AM
- Skyworks (SWKS -1.2%) received an Outperform rating yesterday from CLSA analyst Chris Caso, up from a previously held Underperform. Price target raised to $77 up from $73 (current price $66.06).
- He feels the current price may reflect unreasonably tepid expectations for iPhone "content gains" and notes: "WKS 2H YoY revenue is influenced by content gains on the iPhone 7, the overbuild which occurred in 2H16, and most importantly continued excess channel inventory of legacy iPhone components affecting 2H16. After analyzing these issues, we believe SWKS AAPL revenue is likely to decline 21% YoY despite content gains for the iPhone 7. Assuming this view is correct, this implies September guidance bakes in about a 1% YoY decline in non-AAPL handset revenue. Given clear content gains in Chinese handsets, this would appear to be a conservative assumption, and likely discounts market fears of an inventory correction in China. Given this is the first quarter SWKS’ new CEO is providing guidance, we are not surprised by such conservatism. However, given its stock price, this does provide a degree of optionality should the iPhone 7 sell reasonably well or if Chinese demand remains stable (neither of which is presently expected by investors)."
- CLSA's Skyworks shipments and revenue model here.
Fri, Jul. 22, 3:00 PM
Fri, Jul. 22, 11:13 AM
- Analysts are looking past a headline earnings beat for Skyworks Solutions (SWKS -9%), and instead focusing on whether an increase in inventory to $437.6M from $267.9M nine months earlier signals supply chain issues as it relates to Apple's upcoming iPhone release.
- Mike Burton at Brean Capital has been getting a lot of concerned calls over the inventory spike, and he believes a major Skyworks customer had demanded higher capacity. Michael Walkley at Canaccord believes inventory numbers will level out through the end of 2016 but also forecasts Y/Y sales to Apple will contribute to slower growth over the upcoming quarters. Maynard Um at Wells Fargo cites Skyworks' management attribution that work in progress and not old cycle inventory is resulting in the high number, which could be read as a positive sign for iPhone 7 production, though cautioning the quarter is far from conclusive.
- Alongside the results, Skyworks boosted the quarterly dividend by 7.7% and initiated a $400M stock repurchase program.
- Q4 revenue guidance of $831M ( up 10-11% Q/Q) midpoint and EPS of $1.43.
Thu, Jul. 21, 5:34 PM
Thu, Jul. 21, 4:34 PM| Thu, Jul. 21, 4:34 PM | 8 Comments
Thu, Jul. 21, 4:17 PM
Wed, Jul. 20, 5:35 PM
Tue, Jul. 19, 7:37 AM
Tue, Jul. 5, 10:18 AM
- Cirrus Logic (NASDAQ:CRUS) is off 7.4% and Skyworks Solutions (NASDAQ:SWKS) down 5.6% as Pacific Crest downgrades both to Sector Weight amid some disappointing iPhone supply chain forecasts.
- Qorvo (QRVO -5.5%) and InvenSense (INVN -5.1%) are down as well.
- Pac Crest has a fair value range of Cirrus Logic of $33-$36 (vs. its previous close of $38.04) and for $60-$67 on Skyworks (vs. previous close of $62.60).
- It also cut price targets on Analog Devices (ADI -1.7%) to $60 from $62 (7.7% upside); Broadcom (AVGO -2.5%) to $180 from $185 (19.7% upside) and Qualcomm (QCOM -1.3%) to $59 from $61 (12.8% upside).
- "Our lowered estimates reflect a much more disappointing second-half 2016 iPhone 7 ramp than what we had previously expected, as feedback from Asia indicates units are expected to be down 15% to 20% as compared to the iPhone 6s, as Apple appears to be taking a much more cautious view of the ramp," the analysts wrote.
Thu, Jun. 30, 3:14 PM
- Skyworks (SWKS +2.2%) adds to session gains in the past few minutes amid unconfirmed takeover rumors.
Thu, Jun. 9, 2:28 PM
- Believing the stock "deserves to trade at a discount or 11x P/E vs. last three year average of 12.5x," Citi's Atif Malik has downgraded Skyworks (SWKS -1.7%) to Sell, and cut his target by $4.50 to $65.
- Malik notes Skyworks has relatively high exposure to the iPhone 6S, whose sales have been pressured. He also cites a "lack of premium [RF] filters to address faster growing carrier aggregation market," and concerns about "increasing dual sourcing led competition in the low band market where SWKS participates." He could become positive on Skyworks if it makes further progress in lowering its dependence on mobile (still responsible for 80% of sales).
- Rival Qorvo (QRVO -0.4%) has simultaneously been upgraded to Neutral, after "discussions in Asia indicate improved execution on integration/share gains and higher proliferation of carrier aggregation design wins." Malik adds Qorvo gained content share with the Galaxy S7 and iPhone SE. "Fundamentally, we view carrier aggregation as a key theme for RF stocks with QRVO better positioned to expand its $ growth opportunity based on its comprehensive suite of products including BAW filters."
Thu, Jun. 2, 4:57 PM
- Skyworks (NASDAQ:SWKS) is up 1.8% after hours to $67.75, and Qorvo (NASDAQ:QRVO) up 1.1% to $54.10, after RF chip rival Broadcom (up 6.4%) beat estimates for the April quarter (its first quarter following the Avago/Broadcom merger), and issued July quarter sales guidance that was above consensus at the midpoint.
- Wireless products accounted for 22% of Broadcom's revenue (much less than Avago's pre-merger exposure). Concerns about soft iPhone demand ahead of the iPhone 7 launch had contributed to low pre-earnings sales expectations.
Mon, May 23, 10:53 AM
- Taiwan's Economic Daily News reports Apple (AAPL +1.7%) has ordered contract manufacturers to produce 72M-78M iPhone 7 units this year, a record figure for a new iPhone and above analyst estimates of ~65M.
- Apple is outperforming on a day the Nasdaq is up 0.3%. As are chip suppliers Cirrus Logic (CRUS +3.1%), Skyworks (SWKS +3.3%), Qorvo (QRVO +2.7%), and InvenSense (INVN +4.6%). Over in Taipei, Foxconn parent Hon Hai Precision (OTC:HNHAF) rose 4.6%, and fellow iPhone manufacturer Pegatron (OTC:PGTRF) rose 9.9%. TSMC (TSM +2.7%), which is believed to be the exclusive manufacturer of Apple's A10 processor (expected to go into the iPhone 7), is also doing well.
- The report comes with Apple having guided calendar Q2 revenue to be down 13%-17% Y/Y due to soft iPhone 6S sales. The rumor mill has indicated the iPhone 7 will feature a dual-camera array and a 256GB storage option, and do away with the 3.5mm headphone jack. The 9.7" iPad Pro's improved display suggests display enhancements are also possible.
- Now read Apple: Berkshire Hathaway Not The Only One Buying
- Update: Also reported by the Economic Daily News: Apple is prepping a "Pro" or "Premium" iPhone 7 model to go with a standard iPhone 7 and 7+.
Thu, May 12, 5:16 PM
- Skyworks (SWKS -4.5%) has firmed up succession, naming Liam Griffin its new chief executive as its longtime CEO takes a new role as executive chairman.
- CEO David Aldrich will continue as chairman of the board. Griffin was elected to the board as well, effective yesterday.
- Aldrich had been CEO of Skyworks and predecessor Alpha Industries since 2000. For his part, Griffin joined Skyworks in 2001 as head of sales and marketing, and had previously led worldwide sales at Dover Corp. and held positions in AT&T's Microelectronics and Network Systems businesses.
- Previously: Apple -2.4% to new 52-week low amid Nikkei chip report aftermath (May. 12 2016)
- Now read Skyworks: Supplying All Sides In The Smartphone War »