The looming loss of business from Apple is crushing shares of Skyworks

Slightly better-than-expected quarterly revenues and earnings per share were no panacea for Skyworks Solutions.

The chip company, whose top customer is Apple, revealed that it will be facing intense competition in supplying components for the iPhone, and expects to lose about 20% to 25% of its business in one key segment as the next smartphone is launched.

In other words, it’s poised to get less from a pie that’s been growing frustratingly slowly as of late. Shares are off nearly 30% in the premarket.

While Apple CEO Tim Cook might be good at spinning the iPhone’s flaws into gold, it was tough for Skyworks management to put lipstick on this pig.

“Most of the sockets that we targeted, we actually were able to keep, but instead of being single sourced on one particular socket, it’s being dual sourced,” Chief Financial Officer Kris Sennesael said. “That’s a little bit of a setback.”

It’s unclear which other chipmakers are muscling in on Skyworks’ turf, but some Wall Street analysts suspect it’s Broadcom. Seemingly everything that tech companies announce these days looks to be good news for Broadcom!