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Qorvo cuts revenue outlook citing COVID-19 outbreak, but stock rallies
Shares of Qorvo Inc. rose 1.6% in premarket trading Tuesday, although the chip maker cut its revenue outlook, citing the estimated impact the coronavirus outbreak is having on the smartphone supply chain. The Apple Inc. supplier said it now expects fiscal fourth-quarter revenue of about $770 million, which is $50 million below the midpoint of the guidance range provided on Jan. 29 of $800 million to $840 million. "[T]he full impact of COVID-19 remains difficult to forecast given the uncertainty of the magnitude, duration and geographic reach of the outbreak," Qorvo said in a statement. The company expects to report fourth-quarter results on or about May 5. The stock has slipped 1.7% over the past three months through Monday, while the PHLX Semiconductor Index has gained 6.0% and the S&P 500 has slipped 0.1%.
https://finance.yahoo.com/m/ec5e06c...a31/qorvo-cuts-revenue-outlook.html?.tsrc=rss
Shares of Qorvo Inc. rose 1.6% in premarket trading Tuesday, although the chip maker cut its revenue outlook, citing the estimated impact the coronavirus outbreak is having on the smartphone supply chain. The Apple Inc. supplier said it now expects fiscal fourth-quarter revenue of about $770 million, which is $50 million below the midpoint of the guidance range provided on Jan. 29 of $800 million to $840 million. "[T]he full impact of COVID-19 remains difficult to forecast given the uncertainty of the magnitude, duration and geographic reach of the outbreak," Qorvo said in a statement. The company expects to report fourth-quarter results on or about May 5. The stock has slipped 1.7% over the past three months through Monday, while the PHLX Semiconductor Index has gained 6.0% and the S&P 500 has slipped 0.1%.
https://finance.yahoo.com/m/ec5e06c...a31/qorvo-cuts-revenue-outlook.html?.tsrc=rss
