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Qorvo cuts Q3 EPS, revenue view on demand changes for 'flagship smartphones'.

Qorvo announced it expects revenue for the third quarter of fiscal 2019 to be in the range of $800M-$840M, compared to its previous forecast of $880M-$900M, due to recent demand changes for "flagship smartphones." The company added that its forecast of demand from China-based handset manufacturers remains "measured and largely unchanged." Qorvo's current forecast of demand across markets served by Qorvo's Infrastructure and Defense Products segment are tracking within the range of its prior expectations, the company added. Qorvo currently forecasts non-GAAP gross margin in the third quarter to be approximately 49.5%, compared to its original forecast of approximately 50%, due primarily to lower factory utilization. Non-GAAP operating expenses are projected to be approximately $161M, down $4M from the previous third quarter forecast, on expense control and lower incentive compensation. Non-GAAP diluted EPS for the third quarter of fiscal 2019 is expected to be $1.70 at the midpoint of guidance, compared to the previous forecast of $1.95. In the March 2019 quarter, Qorvo currently expects sequential revenue to be down less than 10%. Though Qorvo did not mention Apple (AAPL) in its press release, the company's guidance cut comes a day after another supplier, Lumentum (LITE), cut its own forecasts.

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Publication:The Fly
Article Type:Financial report
Date:Nov 13, 2018
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