Apple's flagship product remains the iPhone, which accounted for more than half of the revenue in the first quarter. The $69.1 billion sales figure disappointed Wall Street, and it showed a 1% drop from Q1 2024.

Skyworks’ stock saw its worst day in more than four decades, with analysts noting that Broadcom seems to have gotten in on the action for a lucrative iPhone socket.

Shares of Skyworks Solutions slid, after the Apple supplier said tougher competition for the iPhone maker's semiconductor business would cut into sales. Apple is the company's largest customer. Late Wednesday,

The last couple of years have been challenging as the competitive landscape has intensified, says the company’s chief financial officer.