On May 2nd, Apple is set to release its financial results for the second quarter of the 2024 fiscal year. Following the report, the company will hold an earnings call at 5:00 PM Eastern Time on May 2nd (Apple's fiscal year differs from the calendar year, spanning from October 2023 to September 2024).
Ahead of Apple's earnings report, semiconductor company Skyworks Solutions hinted at less-than-optimistic iPhone sales performance.
According to reports, Skyworks is a wireless network IC supplier, with the majority of its chips going to Apple. 64% of Skyworks' total revenue comes from Apple orders, with iPhone sales accounting for 85% of those orders.
In the second quarter of 2024, Skyworks reported revenue of $1.046 billion, an 8.7% year-on-year decrease. The company stated that market sales fell below expectations, and the outlook for the next quarter is also not promising.
Due to its heavy reliance on Apple orders, Skyworks is considering diversifying its operations. The company's CEO mentioned plans to apply their connectivity technology in IoT devices, automotive electrification, advanced security systems, and AI infrastructure for the long term.
