102.00
0.31%
0.32
Why is Qorvo Inc (QRVO) Stock down?
We've noticed a 6.68% decline in Qorvo Inc (QRVO) stock during the 2024-09-16 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
02 May, 2024:
Qorvo Inc (QRVO) stock declined by 14.50% due to weaker-than-expected current-quarter guidance. The company, known for manufacturing radio frequency chips and being a key supplier for Apple, provided guidance below estimates in response to declining mobile phone demand.
- *Weaker-than-Expected Guidance: Qorvo announced that it anticipates its fiscal 2025 first-quarter adjusted earnings per share (EPS) to range between 60 cents and 80 cents, with revenue around $850 million, plus or minus $25 million, both of which were below market estimates. CFO Grant Brown attributed this to seasonal declines in flagship smartphone ramps and large defense programs, forecasting only modest revenue growth and margin improvement for the full year.
- Concerns About Apple's Impact: The softness in Qorvo's sales raised concerns about its relationship with Apple, although the tech giant was not explicitly mentioned in the earnings release. Reports indicate that nearly half of Qorvo's revenue comes from Apple, which adds to the market's apprehensions.
- Apple's Quarterly Earnings Awaited: The market's reaction to Qorvo's guidance coincides with anticipation for Apple's quarterly earnings report, scheduled after the close of trading on Thursday. Investors are likely to closely monitor Apple's performance for insights into its suppliers' future prospects, including Qorvo.
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