Qorvo's Q4 Revenue Outlook Downgrade Drives Stock Down
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 01 2024
0mins
Should l Buy QRVO?
Source: investopedia.com
Qorvo Inc's stock dropped 10.04% in pre-market trading, hitting a 20-day low, following a disappointing revenue outlook for Q4.
The company expects Q4 revenue to be around $800 million, significantly below Wall Street's estimate of $905 million, which has raised concerns about weakened customer demand and market challenges. Additionally, Qorvo's adjusted EPS expectations for Q4 have been lowered to $1.20, missing analyst estimates of $1.37, further impacting investor confidence.
Despite a strong performance in Q3, where Qorvo reported revenue of $993 million, the negative outlook for Q4 has overshadowed these results, leading to a significant decline in stock price as investors reassess the company's growth prospects.
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Analyst Views on QRVO
Wall Street analysts forecast QRVO stock price to rise
17 Analyst Rating
1 Buy
15 Hold
1 Sell
Hold
Current: 78.040
Low
85.00
Averages
100.08
High
110.00
Current: 78.040
Low
85.00
Averages
100.08
High
110.00
About QRVO
Qorvo, Inc. is a global provider of connectivity and power solutions. The Company supplies semiconductor solutions. The Company operates through three segments: High Performance Analog (HPA), Connectivity and Sensors Group (CSG) and Advanced Cellular Group (ACG). The HPA segment is a global supplier of radio frequency (RF), analog mixed signal and power management solutions. The CSG segment is a global supplier of connectivity and sensor solutions, with broad expertise spanning ultra-wideband (UWB), Matter, Bluetooth Low Energy (BLE), Zigbee, Thread, Wi-Fi, cellular solutions for the Internet of Things (IoT) and microelectromechanical system (MEMS)-based sensors. The ACG segment is a global supplier of advanced cellular solutions for smartphones, wearables, laptops, tablets and other devices. The Company serves diverse segments of global markets, including automotive, consumer, defense and aerospace, industrial and enterprise, infrastructure and mobile.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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