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Apple supplier Qorvo cuts Q3 guidance

Published 11/13/2018, 10:02 AM
Updated 11/13/2018, 10:02 AM
© Reuters.  Apple supplier Qorvo cuts Q3 guidance
  • Qorvo (NASDAQ:QRVO) updates its Q3 guidance with revenue of $800M to $840M (was: $880M to $900M) “due to recent demand changes or flagship smartphones.” EPS outlook drops to $1.70 at the midpoint from the prior $1.95.
  • Qorvo says its demand forecast from China-based handset manufacturers remains “measured and largely unchanged.”
  • Like Lumentum, which cut its guidance yesterday, Qorvo is in the Apple (NASDAQ:AAPL) supply chain.
  • The Infrastructure and Defense Products segment is tracking within its prior guidance.
  • Q3 non-GAAP gross margin expected at 49.5% (prior: 50%) due to lower factory utilization and operating expenses are $4M lower at $161M.
  • Qorvo shares are down 1.5% to $62.90. Apple is down 1% to $192.18.
  • Previously: Apple suppliers drop on Lumentum guide, iPhone target cuts (Nov. 12)
  • Now read: Was Apple Too Conservative?


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