Qorvo forecasts quarterly results below estimates on weak flagship smartphone market [Reuters]
Qorvo, Inc. (QRVO)
Last qorvo, inc. earnings: 1/29 04:00 pm
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Source: Reuters
May 1 (Reuters) - Wireless connectivity chipmaker Qorvo forecast first-quarter revenue and profit below Wall Street estimates on Wednesday as it expects weak demand from flagship smartphone market, sending shares down more than 11% in aftermarket trading. sales of Apple's most popular product, iPhone, has hit suppliers such as Qorvo, as it accounted for about 37% of the chipmaker's total revenue in fiscal 2023, even when the global smartphone market is recovering. Report this ad "As we begin fiscal 2025, flagship smartphone ramps and large defense programs are down seasonally, and we expect product mix to trend toward mass market 5G products and associated higher-cost inventories in the June quarter," CFO Grant Brown said in a statement. An uncertain economy has also forced customers to cut discretionary spending, with Qorvo facing stiff competition from other bigger rivals such as Broadcom and Qualcomm Rival Skyworks Solutions also forecast third-quarter revenue estimates
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QRVO
News
- Qorvo, Inc. (NASDAQ: QRVO) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating.MarketBeat
- Qorvo, Inc. (NASDAQ: QRVO) was upgraded by analysts at StockNews.com from a "hold" rating to a "buy" rating.MarketBeat
- Qorvo, Inc. (NASDAQ: QRVO) had its price target lowered by analysts at The Goldman Sachs Group, Inc. from $117.00 to $105.00. They now have a "neutral" rating on the stock.MarketBeat
- Qorvo, Inc. (NASDAQ: QRVO) had its price target lowered by analysts at Barclays PLC from $110.00 to $100.00. They now have an "equal weight" rating on the stock.MarketBeat
- Why Qorvo (QRVO) Stock Is Nosediving [Yahoo! Finance]Yahoo! Finance
QRVO
Earnings
- 5/1/24 - Beat
QRVO
Sec Filings
- 5/15/24 - Form 144
- 5/15/24 - Form 144
- 5/15/24 - Form 144
- QRVO's page on the SEC website