Qorvo Shares Fall As Smartphone Delays Undercut Outlook

By Wallace WitkowskiMarketsMarketWatch Pulse

Qorvo Inc. shares dropped in the extended session Wednesday after the wireless components provider said smartphone delays by large customers will hurt the current quarter. Qorvo shares fell 7.9% to $59.06 after hours. For the fiscal fourth-quarter, Qorvo forecast earnings of 70 cents to 90 cents a share on revenue of $610 million to $650 million. Analysts surveyed by FactSet had estimated $1.04 a share on revenue of $716.6 million. "In the March quarter, we're forecasting a greater than historical sequential decline as two of our leading customers in China and a tier-one customer in Korea delay flagship smartphone launches," the company said in a statement. Qorvo did not provide the names of the smartphone companies. For the fiscal third quarter, the company reported earnings of $1.35 a share on revenue of $826.3 million, while analysts were looking for $1.25 a share on revenue of $821.4 million.

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