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Skyworks announces fiscal impacts of Huawei ban
Skyworks Solutions Inc. is updating its outlook for the third fiscal quarter of 2019, ending June 28, as a result of the U.S. government’s addition of Huawei Technologies Co. and affiliates to the Entity List.
In a press release, the company said it cannot say when the shipments might resume. Skyworks’ past shipments to Huawei and its affiliates include both mobile and wireless infrastructure solutions. In the first six months of fiscal 2019, sales to Huawei were approximately 12% of Skyworks’ total revenue. During Skyworks’ Q2 2019 earnings conference call on May 2, the company did not anticipate the addition of Huawei to the Entity List and the cessation of shipments to Huawei and its affiliates. As a result, the company is revising its outlook for revenue and non-GAAP EPS for the Q3 2019, assuming no further shipments to Huawei occur this quarter. Among the revised expectations are a downward revenue adjustment from between USD 755 and 775 million, to between USD 815 and 835 million. Additionally, the company now expects non-GAAP diluted earnings per share of USD 1.34 at the midpoint of the revenue range, compared to the prior outlook of USD 1.50.
COVID-19 highlights the gravity of the secondary market for SME Cha Jin-Seok, Chief Financial Officer of SK Hynix, said it best in the company’s Q1 earnings call, “Because of a never experienced pandemic, even basic business activities such as maintaining normal operations and predicting future demand have become challenging tasks.”
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