Qorvo Inc (NASDAQ:QRVO) shares are tumbling in Tuesday’s after-hours session on the heels of the company’s fiscal third-quarter financial results. Here’s a look at the key metrics from the print.
- Qorvo stock is showing notable weakness. Why is QRVO stock falling?
Qorvo Beats Estimates On Top- And Bottom-Lines
- Q3 Revenue: $993 million, versus estimates of $987.74 million
- Q3 Adjusted EPS: $2.17, versus estimates of $1.85
Gross margin came in at 46.7% on a GAAP basis and 49.1% on a non-GAAP basis. Operating income totaled $247.6 million in the quarter.
“Qorvo’s December quarterly revenue primarily reflects strength at our largest customer. Each of our operating segments grew revenue year-over-year, with notable strength in automotive components, consumer and enterprise Wi-Fi, D&A, base station and power management,” said Bob Bruggeworth, president and CEO of Qorvo.
Outlook Drags Down Shares After Hours
Qorvo shares expects fiscal fourth-quarter revenue to be in the range of $775 million to $825 million versus estimates of $904.59 million. The company anticipates adjusted earnings of $1.05 to $1.35 per share in the fourth quarter versus estimates of $1.37 per share.
“Looking forward, our March quarterly outlook reflects the seasonal decline at our largest customer, the ongoing strategic resizing of our Android business, and continued strength in HPA,” Bruggeworth said.
Qorvo’s management team will further discuss the quarter on a conference call with investors and analysts at 4:30 p.m. ET.
QRVO Price Action: Qorvo shares were down 7.80% in after-hours, trading at $76.35 at publication time on Tuesday, according to Benzinga Pro.
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