Qorvo stock falls as outlook disappoints

Qorvo Inc.
QRVO,
+4.48%
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.