SWKS - Earnings call transcript Q2 2024 | Skyworks Solutions, Inc.

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Operator

[Audio Gap] I would like to introduce Raji Gill, Vice President of Investor Relations for Skyworks.

Rajvindra Gill

Thank you, operator. Good afternoon, everyone, and welcome to Skyworks' Second Fiscal Quarter 2024 Conference Call. With me today is Liam Griffin, our Chairman, Chief Executive Officer and President; and Kris Sennesael, Chief Financial Officer for Skyworks. This call is being broadcast live over the web and can be accessed from the Investor Relations section of the company's website at skyworksinc.com.

prepared after be call. the company's our available the promptly website conclusion addition, remarks made will on In during the

we to relating like discussion would may be expectations begin, everyone statements. or Before our Please forward-looking that refer that to are will earnings future to remind statements considered results our and include I adversely that release from differ for information XX-K and on report Form to made statements recent press forward-looking outcomes certain any SEC could risks today. annual materially actual filings, and including our cause on

GAAP. we Additionally, and refer discuss results within measures complete of the financial press website to consistent our our guidance the Please will practice. company include section Relations a our past non-GAAP Investor release with for to reconciliation

the to I'll over that, Liam. With turn call

Liam K. Griffin

solid of everyone. billion. $XXX and and the excellence. delivered results Thanks, XXXX. fiscal and management share quarter $X.XXX million revenue strong operating of flow, posted operational per Raji, $X.XX, for earnings welcome, which Skyworks We reflects cash working of capital of generated We posted second

the bottom sequential reflecting mobile turning the saw quarter trends point. the normal seasonal broad delivered we expected business, lower March, demand. December quarter, our than During below with markets, end represented we growth market in in modest and March In a

recovery automotive. We given expect the end and infrastructure the pace throughout will XXXX measured certain be like of ongoing weakness markets in

pipeline. have we IoT, a solid design WiFi edge win WiFi In and XE X

a innings the being in are cycle of early upgrade offered. access with We now multiyear high-end points

router the mainstream gateways and roll for models out quarters, followed retailers and carriers anticipate MSOs to Over by their coming we products.

center markets and traditional soft. remain wireless data infrastructure The

modules, customers consume driving near-term inventory. remain Despite on solutions. our headwinds, distribution optical Ethernet as a channel workloads demand We continue excess positive long-term natural for to we timing advanced to and driver AI to precision bullish switches we and upgrades allow undership the

industrial inventory to continue and undergo pressure under markets correction. automotive a steep Lastly, remain as they

business. generating products. which in near-term remain in-cabin creating focused isolation software-defined Automotive our radio OEMs of opportunities Despite of on positive car our levels are long-term see automotive vehicles, growing are for the higher we for power we However, demand on all EV penetration, growth and experience, headwinds, complexity. connected increasingly user

connectivity segments, IoT Our electrification and multiple AI to edge systems. including advanced across Connectivity in on technology edge-connected safety growth and devices, enabling decentralized leverage strategy infrastructure. automotive is crucial is AI systems

Our connected the RF home, automation, applications and technology like cities, wearables. smart building machine-to-machine powers

industry of the mandates We higher the tailwinds levels inside and leading are connectivity particularly excited to about regulatory car.

Bluetooth, support antennas coexistence, are around communication and For example, standards, various radios radios of to including latency. and interference external vehicles growing The XG wideband, of the NFC challenges and in create number C-VXX. cellular, WiFi, multitude ultra

these problems advanced for complex solutions Our RF can our solve OEMs.

optical In workloads networking language models supporting data center, accelerated and are upgrades. catalyzing large

and targeting portfolio and timing a have switches Ethernet We modules, X.X next-generation enabling terabit optical AI infrastructure. XXX-gig

were connectivity, AI-enabled During including phones further Mobile camera language drive applications market, see levels and marketplace. lower on-device complexity, could to assistance, RF translation, and to Over time, a phones like meaningful real-time consumption. propel cycle smartphone World higher imaging and Congress higher in AI-enabled advanced power We Barcelona, robust voice of fueled believe several excited personalization. integration throughput, could introduced we the by replacement AI in the being

and our Google, CVXX. including business new automotive, in initiated We secured quarterly and flagship our to driver OEMs, models assist expanded integrated designs SoC audio XG mid-tier Turning others. the systems, Samsung. design-win traction including OPPO highlights. smartphone inverters, and with and We pipeline several delivered platforms Samsung, Sony to We cloud-enhanced leading infotainment with and programs

challenging a to summary, continues Skyworks macro In execute despite well environment.

our near-term remain bullish headwinds, long-term we on navigating strategy. While we are

QX will turn the for of performance a and discussion for Kris of With last our quarter's outlook call that, I to fiscal over XXXX.

Kris Sennesael

fiscal margin seasonally of markets with second XX% expectations. by Gross quarter basis QX, points approximately sequentially. the gross midpoint Broad with Skyworks our billion, down Liam. $XXX at total internal further XX% Also, in XX% reflects sequentially. was was XX%, period. sequentially, reflecting of X of which weakest Mobile margin was of approximately down $XXX above to XXX for $X.XXX were reduced up we our consecutive revenue line XXXX profit was Thanks, the million, million $XX during inventory our quarters million, of outlook. reductions. slightly revenue revenue, Gross X% total

maps. low million generated an Operating road range, XX.X%. XX.X%, the discretionary disciplined $X.XX our on of income, the technology to margin driving guidance generated million million in net of and operating focus diluted while expenses rate our effective above of guidance $X.XX We is was the income last earnings were operating earnings $XXX $XXX of managing and per $XXX tax of of that which end invest million, income share $X reflecting we and during other expenses provided the call. into We below product our continuing translating

quarterly the strong business volatility, Skyworks flow. generates Despite cash model

Second revenue, a X% expenditures million. in fiscal less free from $XXX Capital of resulting million than flow flow quarter cash operations was or $XX cash million. $XXX were of

million flow to levels prudent of in continue dividends. working cash through We profitability, Also, moderating fiscal we and capital high QX, robust paid during CapEx. management drive $XXX

have billion, in Our billion $X.X and grew $X cash balances debt. to over we

provides us excellent with Our solid and structure optionality. capital flexibility

revenue outlook X%. our of XXXX. for $XXX of on or fiscal to anticipate We move plus let's million, Now minus QX

our markets. seasonal In excess We modest broad levels further below normal certain appear mobile anticipate to be patterns growth inventory as normalizing sequentially expect down sequential clears. inventory be to as we end markets, business in

reduction gross in be during points the the at XXXX, basis XX% Gross anticipate cost sequentially margin mix is favorable of margin higher rates. XXX of driven by actions, remainder We and our midpoint. to expansion to improving the range shift XX%, projected utilization

million in share expenses to continue investments markets and diversification. $XXX We of strategic increased expect operating the gains broad as to to million in $XXX make range mobile we drive and

income, approximately million count Accordingly, shares. share effective $X.XX. other million midpoint roughly the revenue of $XXX million, the at tax of to deliver range in per diluted rate of intend a share and earnings $X XX.X% an Below XXX.X line, of the we of anticipate diluted we

line Operator, for questions. let's the open

Operator

[Operator Instructions].

Our comes with Wolfe first from Caso question Research. Chris

Christopher Caso

to I guess business. the question with regard than the worse seasonal first mobile

excess more unfortunately, a Android We've about Could you on inventory Or give that? the And Android been details was few time. mobile inventory. was excess from some hearing speak space? it in for beyond You the space? specifically, this

Kris Sennesael

as more the Yes, provide here. quarter. for Chris, color to guidance this is our relates to Happy Kris June some it

saw So of was somewhat channel, right? the especially lower with some business. also that in our Unfortunately, business, market weeks specifically normal below mobile the the the in trends of And March, expected resulted that in end end during inventory demand. of unfortunately, trends quarter, buildup mobile month continued of in towards our we April. seasonal some March X the across And those than

our And below for so do to normal the guidance the that And we expect set due mostly took our fact quarter. and excess clear that all account the it's business to be we as the channel. June is XX% down inventory we into in seasonal sequentially to patterns, to mobile we well out which XX%, have

March do as sequential broad flip sequential in the in growth the quarter the our growth some well. saw see modest in modest On markets to expect business, we to we addition that side,

Christopher Caso

these Obviously, on typically, of for I do those year? the this persist? guide second second what you to a expect half have call. what follow-up, as inventory you levels? the for second this does guess mean the don't you for half as mean go launches But And from headwinds to new half go the seasonality as year of does you half you product second that the normal through the

Kris Sennesael

we most what's clearance quarter do the be of down Yes, the inventory quarters only going will quarter. happen done at a Chris, that during guide the time. It's X, somewhat X to June expect X But we road. unpredictable

Christopher Caso

what revenue So is back the I -- very just this you're to quarter? Or a in normal is a kind short-term suggest saying issue does is of June levels? that guess that

Kris Sennesael

Yes. point correct. view, From is a demand of that

Operator

Cowen. question next from Matt with Our TD comes Ramsey

Matthew Ramsay

is in changed is as way drawdown between programs Guys, this Or maybe we has unit -- segment. question one any should on potentially we thing? Chris' launch inventory should that correlation because draw a correlation to further is any follow the at just there to content is I mobile year on of that there to conclusion? we expected draw other? inventory would the should later Or wanted all make And and that content or and a there to just the try not there

Liam K. Griffin

Yes. This is Liam.

So can't and there's I our related on dynamics customer. largest specifics interesting really to comment here,

directional much as possible provide will color as here. we However,

we unable in placed a award we where frankly, with were that and, expected were to had consummate we unique customer earned. our largest we So an thought situation

we're and same the from forward. strategically As largest upcoming are their a customer, headwinds our all At initiatives to expect result, strategic the of aligned we content we engage in with time, cycle. ready going

Kris Sennesael

to content have of some don't were version additional that in gains, with to know, we just a add including sockets the you offset Matt, color that there. can't Liam into as current able we about go little more the specifics but as the it. some large really socket And And to just talked it we partially the we relates loss new customer, bit -- the Yes. again, phone.

And impact phone having September a will than be more to a model. content current compared that so a expect to And an the the as down on the result, little quarter. we XX% net-net start in

Matthew Ramsay

this kind I very public of product need Any guys to this much, came pass. characterize kind specifically? Skyworks if this to how know I ask could of events change here, a any made? context that I or it's is to call. try about a appreciate and I sort the appreciate super that of extent No, to, the the that program you which to could it. performance Again, happened you program you're learned chain when of if or that was sensitive super you're sensitive. to as a on able thing quality and follow-up it's with if Was whole issue -- Liam, you Got they maybe

Liam K. Griffin

technology this mean not performance I It's related. Yes. not is related.

portfolio. has product fact, in In stalwart been a the the

So that. like nothing

We're into unique can't a situation. I Just get looking the all details. forward.

more largest expect looking do to our future to forward with partners are We the that. we and in work customer,

Operator

Our Snyder Equity with Research. question next from comes Charter Edward

Edward Snyder

of questions, if couple A I could.

So you year. doesn't Liam last you didn't which got sockets gains have Kris, in or matter, incremental

all. And here general driven? half would second compete mobile, a I be that tends X product Or of a where a to the people X different won markets, a some I performance what year a, kind of you for secondly, obviously characterize losses would first different any broad of and be follow-up, is idea that it of qualify could number think have Then out the you to is in or coming you primary of the I product vendors? in content not Wi-Fi very say, please. marginal is

Liam K. Griffin

a too turn much share is we're up revenue technology you know, and the some go you give striving players. in that whether and sockets we're can't there. every mean, is were detail This here. to as mean able Yes. we gain gap. be expect technology some to is customer of today. I But commercial the I largest Unfortunately, The as I that we're other or to this issues not getting it, we forward. through unique the here really addressing

Edward Snyder

guys to models, of a out bit out so, that give machine for kind the you part 'XX, batteries, any room especially showing the go in clear more well starting just our of make make processing saying generally flagship packaging. the not in don't are guidance, the I to for research, picture, smaller screws It I can battery want little -- especially it's we in AI that like for of turn like to learning an looking customers to the if characterize obviously up to you the and I'm know sounds the go you're way as consumption the but squeeze but in know phones, to 'XX is participating RF the to RF your but further. to impacting content flagship phones, section it, in or from not in and get room footprint. Maybe don't unforeseen the

revenue results. the to doesn't get more to phones? performance Or is is to and 'XX these we you packaging difficult will this flagship sounds seeing in if start to change, have, generally even going quite already to expect And it What impact So is, wait on like which it 'XX? speaking, do have so. occur substantially

Liam K. Griffin

Yes, Ed. Great glad you asked. I'm question.

high, can't and power we going you the Everybody your to bandwidth. about as so, as start current into their product. incredible, to we know, you live so mobile which AI, on So much be burn is compute so go think you that action that is and consumption generative the going if activity of know, up to all device, today, it's needs right? without, an But phone it, when incredible

So a But more that we're right that into you've be got right that in with solutions now right mobility. of will be around to working new this step up set mark-to-market efficient zone. on will Gen-I power

we've really And we're and players customers as excited that. been talking well. the with So with to that larger

We have to burden is if toolbox very be be The think be to server multiple technology to forth and back the there create across data you going high. the the And it's customer solutions the of immense. going amount going is it, difficult. But handheld sets. so unique about to to from very,

to the with that space and narrow see down it's to elegant and going think solutions. you in playing I to for brightest So opportunities mobile at create our Skyworks work the customers really new then best in field

looking that to and forward more So we're come. to really

Operator

question Our BNP with next Ackerman Paribas. Karl comes from

Karl Ackerman

been CapEx the moderating a half XXXX investment significant But over down to is CapEx XXXX. you've relative year. of year realize first XX% also following in I in last

do And reconcile so curious, in you was longer-term as that on broad your Kris, outlook as if And this handsets? opportunities how an we well discuss updated markets could your that view XG give you CapEx year? with I

Kris Sennesael

assembly operation, very to our Karl, We adding out capacity, do Yes, we've running XX%, test. in was integration, XX%, we had we complex about years especially operation, revenue in multiple our amount our also CapEx XX% and talked assets filter that manufacturing substantial build the before. of but back-end where where where

CapEx those CapEx years heavy are us. behind -- So

We time additional more improvements. and on are test die improvements, focusing so yield are reductions, doing creating efficiency, we and focusing now in driving those shrinks, capacity operational on

as down know, been that, to you has addition year-over-year. revenue In

we product some it's So road a low CapEx. level without percent have more as cash grow and the revenue having many do that revenue, remain to lot we require that continue our to CapEx. many, for will we strong very to technology, be right will advance flow. always factories because maps, continue substantially will to some a going digits free in fuel add underutilized our But to need of a years the here to now, There can CapEx, technology-driven single and advance

Karl Ackerman

half. improve the come could ways gross sounds volumes appreciate of discuss that? improving you may also I quarters? It throughout gross on expansion couple the XX% margins March but Any perhaps sneak the over in sounds margins the in have next troughed quarter, Yes. mentioned another half. as broad see could second If Kris, you like an margins we that. just in business some and perhaps one. of is to in also second timing which like thoughts I of back also you can about It markets margins the mobile

Kris Sennesael

Karl. Yes,

at June. So we We guided for did the XX% in up points range XXX guidance of March. basis the midpoint

of hard suppliers in all broad gross working have can business, We lot as and key on our with internally externally driving reductions in also indicated in improvements, cost the and the reductions, markets already making progress, drivers, remainder the to to which as to XXXX more, are reductions. as answer, we improvements It's said that we And really time remarks prepared further the my mobile a see And actually we continue applicable X cost teams we previous yield our is the good and well are well that right? margin do overall test as that that. beyond.

to second gross you yes, has mobile. as margin element, above-average markets indicated, compared The broad

as little And there bit a well. mixed a so of we have tailwind

a quarters that Keep internal inventory drastically it's we in then thirdly, And our in now. by utilization. have been X mind row for reducing factory

now. comfortable are where And inventory so right levels -- I'm with we are

So headwind that longer be going is no a well. to as

here. And no so improve will that in a inventory from that as to me and revenue we combination longer utilization improvements and will continue all of seeing reductions, margins gross start growing of will factory here start gives confidence

Operator

question Barclays. next Our from O'Malley comes with Thomas

Thomas O'Malley

that's your Kris. And to your of March, related give the talked could at comments for kind up of parter of Could some inventory try Or your that related? socket you quarter, think may that you customer. inventory Or do you, whether as then customer? the March about Two they existing current be the work done revenue percentage here to related down for just following the on Are you the largest In well? best stages early knowledge, to phone? to potentially your that's working could describe of with the they be issues? associated it's phone next potentially separate

Kris Sennesael

It's No. current phone. the all to related

for We the yet. launch shipping are not next

revenue That was It indicated, related inventory build XX% is with all The but the to which was total normal in XX% somewhat up is year-over-year, this approximately current probably X% quarter. sequentially, down the line as bit we the customer channel. little phone. down of large of a I March in was So seasonality. in

Thomas O'Malley

Helpful. pieces And still of saying customer Android even down declines you is largest the you that kind the in XX% side. kind out XX%, need mobile parse your that if double-digit then just trying set you're for of see to to June, on to range,

you So maybe describe happening in what's business. the could Android

I those QX, you think talked peers weaker there? maybe but some are of a your seeing about with customers had what

Kris Sennesael

Yes.

been has Our Android business stabilizing.

inventory seasonality a it approaching a little all Google, has which into overall, Obviously, business. it's Samsung The business. players. $XXX over. Android, yes, the has that stabilizing. that and million been China in seasonality correction It So And there is bit our been June is weaker quarter stabilizing. is a of some is But

to some quarters making end the continue some in. X here. improve X, that to demand nice next that do design in contribute roll year-over-year wins are We growth to customer design over new We time, will wins good traction as business with expect

Operator

Roy from Ruben next with Stifel. comes Our question

Ruben Roy

just to Great characterize recovery? growth markets points outlook things. would of of modest changed thinking Are the XX December around quarterly? talk switch with how for inventory have and kind how sort of The you But seeing the mixed. markets? I ago, relative the levels you in wanted of auto you're days data incremental see some in the and to in Or been has still over to about Liam, the sort anything bottom and March growth broad to June. industrial

auto, if talk would infrastructure, buckets, the So that IoT, and be comm just big you maybe us through could industrial helpful.

Liam K. Griffin

absolutely. Yes,

great technology We've markets. the opportunity. So there's we're a segments, that that of a lot a there, seeing of of automotive opportunity We're a growing growth lot lot and with broad doing been the in job business.

look well to quite We're players continue in for in now, are We space PlayStation at coming up doing right other markets seeing action some the industrial and are coming us markets as well. good solar up.

So of and a content. kind lot volume but of a there, we've got a of play consumer lot

start So the opportunities from a technologies and diversifying we that just bigger us of roster We've more but green now opportunities been It's portfolio we is can to on. ex-lab brought the of look we shoots is some there. And some more there's on lot of see opportunity out and a focused our the kind growing. giving more also longer of as we that capture. MSS in deal names,

Ruben Roy

I follow-up. a guess quick just

Just or on around little been would? to slower of a any as not? improved big you thought they the Have buckets. the those inventory bit of they where levels Or kind buckets

Kris Sennesael

on depends markets part It looking the Yes. you are of which broad at.

We IoT some probably and that I now upgrade products, strong that is that above a There at look peers competitors obviously center, improving connectivity technology we infrastructure, in X as on book-to-bill getting that improving And WiFi cleared have of the many consumer look IoT, going one for been you transfer to been edge to and out. you the . When with is X. has as bookings think is little If market. has that that quarters inventory has have the stronger. more heard soft. some be at needs market been, bit from you part data networking, a market

competitors, there to inventory we're demand meantime, we with then for to connectivity business again, ramp with that you've the flushed product just and take for there in of the undershipping in cycle, the clear well EV. car a industrial, excess out to of couple peers and the are for and processor reasonably the car. quarters needs right in some Again, automotive that is our the from definitely heard It's out. have ramp uncertain market, now. we well going really spots So back the bounce to natural in We're power be Skyworks, doing isolation our doing that radio given inventory. And

bit in are we booking environment. a so little And the trend tough a

Operator

Arcuri UBS. comes question next Our from with Timothy

Aman Raj Gulani

how This China forward of just revenue? that your Tim. is in the that revenue bouncing percentage mobile ask certain going for was as And total we is of about as the appears mobile I what a business should to at forward? of trajectory China jumping Aman think wanted here sell-through kind for to going what expectation back? be OEMs So

Kris Sennesael

Yes.

picking quarter, Our with win It overall on China is customer still mean bit. is environment there. we main the still revenue is but a relatively still is soft. up the Design minimis. has OPPO, great improving little players demand Vivo, end been somewhat mobile have Xiaomi, de momentum after I But still a level. quarter relationship low X

meaningful characterize over to year-over-year business. I expect some think the way 'XX, time, growth best we see I again, I'm think to that that. in forward looking when that's especially But do fiscal to

Operator

question comes Our from Peter JPMorgan. next Peng with

Peter Peng

I it On was previous per about talked kind of $XXX the Android your quarter. $XXX approaching believe peak you closer to million point, million.

getting anything of back kind of to you look is into XXXX out those As to precludes levels? and that you there kind XXXX,

Kris Sennesael

parts Remember inventory to the then are we think But on And million. We to took customers mean $XXX with we have it's year a screaming to million ended focused have the want mean million. to was and I than get be I overdrive. excess up was at do of to highest the more seen technology. go a off. burn yes, $XXX the that that. COVID they million, lot where $XXX all directionally, peaks back going $XXX in I we in to get because it's that past, back to to were more difficult years that that

development We we improves end wins good design to terms product are really in opportunities. demand after of in some the resources those those go see segments. adding And growth customer will and more revenue as roll in,

Liam K. Griffin

I'll jump on in just And that.

If really with Samsung, we got about we've lot high-end Google a with strong are where you volume. and Android, engagement players, think of

so Xiaomi OPPO, but around well. Vivo, the it's and ramping players more very now the for much not us, Samsung that Google right it's So are

Peter Peng

Got have it. follow-up. I And a

On market. the broad

So the you're segments you X recovering actually implicit bottoming -- X%. X have out the still of rate that's is growth and and

So as we kind accelerating adjustment segments, the should of more X look year? into the kind back kind move half be through of the -- of an of other growth we the in of year, as inventory things as expecting sequential abate we

Kris Sennesael

Absolutely, absolutely.

business. X% it's only into year-over-year was growth modest, and next expect of getting quarters, couple growth, translating X%, of initially strong out double-digit But the X% look sequentially June So it then that then modest do our in in to as like we we in expect in sequentially. an but broad currently, year-over-year acceleration markets we March, growth sequential back

Operator

from Our next The question Acree with comes Cody Benchmark Company.

Cody Grant Acree

You specific your China. in market? given did on Huawei comments any OEM their success that that comments around I mention guess in

Liam K. Griffin

with Yes. some of work Android that the We're about. markets other talked again, players we we Huawei. still But with the will not engaged

has of but -- bench. for think, on been Huawei really I So now, the kind

Cody Grant Acree

for that? any specific there reason Is

Liam K. Griffin

us for that of we couple look is and very a environment there still I still just in Well, that just quality marketplace. a at there's the just difficult mean snuff not really product the up things.

Cody Grant Acree

real and your comments I further unit lastly, in -- on any in remarks just comment Any content across unit framework to any about starting replacement the content then, get we're now channel? of volumes of opportunities AI dollar Gen And volume dollar cycles. guess, prepared to just in increases both how addition layer expect content AI to in just you those kind Okay. as

Liam K. Griffin

question. Yes. Yes. Great

really actually tooth if mobile, across the been right here now, across upgrades market. whole the So the it think about with board in long in we we've

one of the AI inflect in a is, without going That's growth units. is resurgence part. terms we believe, with of So to market

to in get upgrades needs talked There's what you going catalyze the Mobile in little really think side, world powered, to be drive device is upgrades server. going I data do. and things mobile. And when powered bit We're into important. you about on tremendous actually When some power. There's a to to be to the they're But earlier, all you untethered. these AI servers. to is really, hear AI it's power to tremendous to they're about things from the smartphone center, do need going going a NVIDIA, we're

So the going playing smartphone we years. love going I business. in is in-house and set up built long, burden the technology a We've We've got really chances. great of a live world the field. the our great over solutions narrow know-how on to And to long it's go got technologies, and engineering, that

So really to forward we're looking it.

talked I think we about it already.

an The now. is smartphone market upgrade for turned It's today already kind of slowed right down.

be really between growth special. and AI smartphone could intersection the So

looking So it. forward to we're

teams of a have this turn what lot key to our to know blocks the We do building engineering exactly on.

anticipating we're here. upside some So definitely

Cody Grant Acree

demands more intended higher a are you term module further increased? in rates I Is or the as thermal of that tuning though, there Is guess just or more are connectivity more switching areas it processing as expect front-end benefit issue? it that, for specific are going the that to matter? short transferability

Liam K. Griffin

mean I new more frequency also into there's there's in Yes. that uplink going better range of bands well. paths, in-house, We downlink. you And WiFi as forward engaging got move do devices. be aggregation to with those here, we as a and filters carrier

be just think together. all opportunity are also upgrade, but going phones And to to smartphone is So I that technology come those to new the do. alone a lot there's today legacy that with all turn amazing, a going over want to to

doing it you posted. We're the forward looking that. we're to happen, So and keep work make we'll technical to

Operator

question next Needham & Our Bolton from Quinn with Company. comes

Quinn Bolton

demand start March necessarily guys the you I the call you've of to this the the I talking in and in slower correction seen kind led environment that inventory -- that's heard say wanted -- I quarter. June guess demand you I of that end April haven't opened I'm softness. to But about guess

looking this June to you you signals be have look the demand you are past that June correction limited you signals quarter? starting only so for, And already see is that what the to give inventory you going quarter? confidence as strengthen to Are seen

Kris Sennesael

own so Quinn, this demand And correction. huge based again, And here see. just on a is major not that correction, customer not major, we softer-than-expected a is about right? major some talking We're market, June. This and quarter going about out what's that the intelligence in the think the be we that mostly in forecast into our provided and will guide the for flushed on June we

Quinn Bolton

Okay.

to customers it's quarter. the you So the that June limited from it sounds like largely to believe leads forecast

Kris Sennesael

That's correct. Yes.

Quinn Bolton

a strategy X in this And to sensitive, loss issue, customer. to bring just all more Understood. of may looking large the at think read-throughs might suppliers Or socket? you from signal reasons? wanted move sounds just supplier any for guess of know diversity but a ask, of I back then it's be X to this they're it's limited additional across you again, a kind sockets like I that customer to there's sort sort I just to near-term multi-sourcing that coming year, do but think commercial It do where you the think socket

Liam K. Griffin

up I continuing make we it And question product very, others on to that. and to as forward. that how Yes. look It's we said, go for and have sure. wrap at X we very Like the we X year, eyes know good deliver socket forward and to we'll

that. appreciate we So

Operator

over back to the closing no I'd time. are call to turn this Liam at for remarks. further There questions like

Liam K. Griffin

Thanks, call. in everyone, participating for today's

quarter. forward investor to the during you at upcoming conferences Thanks. talking to will We look

Operator

conclude Thank and now the you a disconnect. for participation. have does great program, day. Everyone, you your This may

Skyworks Solutions (SWKS) 30 Apr 242024 Q2 Earnings call transcript