Qorvo Lowers Guidance, Citing Weaker Demand for Smartphones -- Update
November 13 2018 - 11:09AM
Dow Jones News
By Kimberly Chin
Qorvo Inc. (QRVO) cut its forecast for the third quarter as
tepid demand for smartphones is likely to weigh on its margins.
The North Carolina-based semiconductor company, which counts
Apple Inc. among its customers, said Tuesday that it now expects
sales to be in the range of $800 million and $840 million, lower
than its previous forecast of $880 million to $900 million.
Qorvo said it expects demand from China-based handset
manufacturers to remain measured and largely unchanged.
It also projected adjusted per-share earnings to be $1.70 at the
midpoint, down from its previous target of $1.95.
Shares of Qorvo fell 0.9% in Tuesday trading.
Apple was Qorvo's largest end customer in company's latest
fiscal year, accounting for 36% of total revenue, according to a
securities filing.
On Monday, Lumentum Holdings Inc., which makes
facial-recognition components for Apple's iPhones, lowered its
earnings forecast by nearly 25% for the three months ending in
December, saying one of its largest customers had materially
reduced shipments for previously placed orders.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
November 13, 2018 10:54 ET (15:54 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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