Apple supplier Qorvo shares fall 10% on weak guidance



GREENSBORO, N.C. – Qorvo (NASDAQ: NASDAQ: ), a leading provider of connectivity and power solutions, announced fourth quarter fiscal 2024 results, which ended on March 30, 2024 end of day.

The company's quarterly revenue rose 49% year over year to $941 million, beating analysts' revenue expectations and the consensus estimate of $927.23 million. Adjusted earnings per share (EPS) for the quarter were $1.39, beating analysts' expectations of $1.21.

Despite a strong fourth quarter, Qorvo shares plunged 10% on weaker-than-expected outlook for the first quarter of fiscal 2025. It missed analysts' consensus of $1.27.

In addition, Qorvo expects revenue in the first quarter of 2025 to be between US$825 million and US$875 million, which is also lower than the market consensus of US$917.7 million.

Qorvo President and CEO Bob Bruggeworth highlighted revenue growth across all of the company's operating segments and pointed to global macro trends that are reinforcing customer demand for Qorvo's performance metrics that give it a competitive edge. The recent acquisition of Anokiwave is expected to further enhance Qorvo's technology portfolio and drive growth.

Qorvo Chief Financial Officer Grant Brown pointed out that the company's content revenue and revenue from the defense and aerospace business increased significantly in fiscal 2024. Market 5G June quarter products. Qorvo expects full-year revenue to grow moderately in fiscal 2025 and profit margins to improve.

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The negative market reaction to the soft guidance highlights investor concerns about next quarter's results. Qorvo's stock price action reflects concerns about lower revenue and adjusted earnings per share expectations. Despite strong fourth-quarter results, the company's outlook suggests caution toward the start of fiscal 2025.

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