Qorvo Inc. stock fell more than 6% in after-hours trading Wednesday, following a holiday revenue forecast that came in light amid supply constraints in the semiconductor sector.
Qorvo QRVO,
Murphy predicted fiscal third-quarter adjusted earnings of $2.75 a share at the midpoint on revenue of $1.09 billion to $1.12 billion, while analysts on average were expecting adjusted earnings of $3.26 a share on sales of $1.25 billion, according to FactSet.
For the fiscal second quarter, Qorvo surpassed expectations in Wednesday’s report. The company reported earnings of $319.2 million, or $2.84 a share, on sales of $1.26 billion, up from $1.06 billion a year ago. After adjusting for stock-based compensation and other effects, the company reported earnings of $3.42 a share, up from $2.43 a share a year ago.
Qorvo also disclosed the acquisition of United Silicon Carbide, which makes silicon-carbide, or SiC, power semiconductors. The company did not disclose a purchase price in the announcement.
Qorvo stock has struggled in the past three months, falling more than 8%, after strong growth heading into the past quarter, with shares still up 38.7% in the past year. The S&P 500 index SPX,
