Qorvo Inc. (QRVO), a leading chipmaker, experienced an after-hours plunge of 5.36% on Tuesday, despite reporting better-than-expected fiscal third-quarter earnings results.
The company reported a net income of $41.3 million, or $0.43 per share, for the quarter ended December 2024. Adjusted earnings per share came in at $1.61, surpassing the Zacks Consensus Estimate of $1.20 per share. Revenue for the quarter was $916.3 million, also beating analysts' expectations of $901.3 million.
However, Qorvo provided a disappointing revenue guidance for the upcoming fiscal fourth quarter. The company expects revenue in the range of $825 million to $875 million, lower than analysts' expectations. This weaker-than-anticipated outlook for the next quarter appears to have contributed to the after-hours stock plunge.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.