Stock Groups

Qorvo Plunges as Supply Chain Issues Bring Muted Guidance -Breaking

by Mike Robinson

[ad_1]

© Reuters.

By Dhirendra Tripathi

Investing.com – Qorvo stock (NASDAQ:) slumped 13% Thursday after the company’s guidance for third-quarter revenue fell short of estimates.

The current quarter’s revenue forecast is between $1.09 billion and $1.12 billion, which is less than the previous quarter. It also differs from last year’s quarter. It came in even as the company’s second-quarter sales and profit topped estimates.

Qorvo attributed the current supply issues and other factors that affect global smartphone demand to Qorvo, which in turn would hurt its product demand. Qorvo’s products and technologies also feed space equipment, radar, power management systems and others.

Mark Murphy, Chief Financial Officer, said that the difficulties could ease in March quarter. Full-year revenue is expected to increase by 15%, with gross margins exceeding 52%.

According to the company, it will acquire United Silicon Carbide (a manufacturer of silicon carbide power device),

The second quarter’s revenue was $1.25 Billion, an increase of 13% over last year. To $384.5million, net profit grew by 19%.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]