Skyworks Solutions (SWKS) saw its stock plummet 5.05% in after-hours trading on Wednesday, following the release of its fiscal second-quarter results, third-quarter outlook, and announcement of leadership changes. The semiconductor company's mixed performance and cautious guidance appear to have disappointed investors.

For the second quarter ended March 28, Skyworks reported non-GAAP earnings per share of $1.24, surpassing analysts' expectations of $1.20. However, this represents a significant drop from $1.55 in the same quarter last year. Revenue for the quarter came in at $953.2 million, slightly above the $951.5 million forecast by analysts, but down from $1.05 billion in the previous year. The company's adjusted operating income was $222 million, beating estimates of $211.5 million.

Looking ahead to the third quarter, Skyworks provided a cautious outlook that may have contributed to the stock's decline. The company expects Q3 non-GAAP diluted EPS of $1.24 on revenue between $920 million and $960 million. While this guidance surpasses analysts' expectations of $1.06 EPS on revenue of $919.3 million, investors might be concerned about the projected sequential decline in the mobile business. Skyworks stated that it expects its mobile business to decline by low single digits sequentially in Q3.

Adding to the market's unease, Skyworks announced significant leadership changes. The company appointed Mark Dentinger as the new Chief Financial Officer, effective June 2, 2025. Dentinger, 67, previously served as CFO at Veritas Technologies. He will succeed Kris Sennesael, who is stepping down on May 9, 2025, to accept another position. This unexpected change in the financial leadership might have contributed to investor uncertainty.

Despite the challenges, Skyworks maintained its quarterly dividend at $0.70 per share, payable on June 17 to shareholders of record as of May 27. However, this reassurance was not enough to prevent the after-hours stock plunge, as investors appear to be weighing the mixed results, cautious outlook, and leadership transition.