Qorvo forecasts third-quarter results below estimates; shares down [Yahoo! Finance]
Qorvo, Inc. (QRVO)
Last qorvo, inc. earnings: 1/29 04:00 pm
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Source: Yahoo! Finance
consumer shift towards entry-tier smartphones, sending the company's shares down 14% in extended trading. The demand for budget-friendly Android 5G smartphones is on the rise from mid-tier mobile models. The company said they don't expect this shift to reverse and the trend is expected to continue in the second half of fiscal 2025. "We are taking appropriate actions, including factory consolidation and operating expense reductions as well as focusing on opportunities that align with our long-term profitability objectives," said CEO Grant Brown. Qorvo also faces tough competition from smartphone-focused chipmakers such as Qualcomm and Broadcom that are benefiting from a recovery in the Chinese smartphone market. Qorvo forecast third-quarter revenue of $900 million, plus or minus $25 million, that was below analysts' estimates of $1.06 billion, according to data compiled by LSEG data. The company expects adjusted earnings per share of $1.10 to$1.30 for the third quarter, while
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QRVO
News
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- Qorvo, Inc. (NASDAQ: QRVO) is now covered by analysts at Loop Capital. They set a "hold" rating and a $73.00 price target on the stock.MarketBeat
QRVO
Earnings
- 10/29/24 - Beat
QRVO
Sec Filings
- 11/18/24 - Form 4
- 11/15/24 - Form 144
- 11/13/24 - Form 4
- QRVO's page on the SEC website