The Chicago Entrepreneur

: Qorvo stock falls as outlook disappoints

Qorvo Inc. QRVO shares dropped in the extended session Wednesday after the chip maker’s outlook fell well below the Wall Street consensus. Qorvo shares fell as much as 8% after hours, following a 4.5% rise in the regular session to close at $113.58. Qorvo forecast adjusted earnings of 10 cents to 15 cents a share on revenue of $600 million to $640 million for the March-ending quarter. Analysts had estimated 64 cents a share on revenue of $732 million for the March-ending quarter. The company reported a fiscal third-quarter loss of $15.9 million, or 16 cents a share, versus net income of $216.3 million, or $1.95 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 75 cents a share, compared with $2.98 a share in the year-ago period. Revenue fell to $743.3 million from $1.11 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast 62 cents a share on revenue of $725.9 million.

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