Qorvo shares dive aftermarket as 2nd-quarter guidance falls short of Wall Street estimates

StocksAssociated Press

Shares of chipmaker Qorvo plunged in aftermarket trading Wednesday after its fiscal second-quarter forecast fell short of Wall Street's forecasts.

Qorvo was formed in January by the $1.55 billion combination of RF Micro Devices and TriQuint Semicondutor.

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The Greensboro, North Carolina-based company said it expects a profit of $1.05 to $1.15 per share on revenue of $690 million to $710 million for the fiscal second quarter, which ends in September.

According to FactSet, analysts expected earnings of $1.28 per share and $741.5 million in revenue.

Shares of Qorvo Inc. declined $10.47, or 14.9 percent, to $60 in aftermarket trading.

Qorvo's first-quarter results compared more favorably to analyst projections. The company said it earned $2 million, or 1 cent per share, over the three months that ended on June 27. Excluding amortization costs, stock-based compensation, and other special items, Qorvo said its earnings totaled $1.09 per share. Its revenue totaled $673.6 million.

Analysts expected net income of $1.05 per share and $665.3 million in revenue, according to Zacks Investment Research.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QRVO at http://www.zacks.com/ap/QRVO

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Keywords: Qorvo, Earnings Report