Qorvo (QRVO) Tops Q3 EPS by 16c, Q4 Guidance Misses

Qorvo (NASDAQ: QRVO) reported Q3 EPS of $1.85, $0.16 better than the analyst estimate of $1.69. Revenue for the quarter came in at $832 million versus the consensus estimate of $819.32 million.

GUIDANCE:

Qorvo sees Q4 2019 EPS of $1.05, versus the consensus of $1.35. Qorvo sees Q4 2019 revenue of $660-680 million, versus the consensus of $725.69 million.

• Mark Murphy, chief financial officer of Qorvo, said, “Qorvo's March quarterly guidance reflects weakness in the broader smartphone market, partially offset by content gains with the leading Korea-based smartphone manufacturer and double-digit, year-over-year growth in IDP. Looking forward, our expanding growth opportunities in IDP, sharp focus on high-value programs in Mobile Products and actions to improve our cost structure are expected to drive another year of record earnings and free cash flow in fiscal ‘20.”

For earnings history and earnings-related data on Qorvo (QRVO) click here.

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