Qorvo’s Design Wins Later This Year Offset Near-Term Softness; Raising FVE to $83 from $74
Qorvo reported solid fiscal third-quarter results but provided investors with a downbeat fourth-quarter forecast, citing weakness in smartphones at both Apple and at Chinese handset makers. Yet perhaps the biggest news was the firm’s disclosure of an “aggressive ramp of a custom mid/high band†RF chip which appears to be destined for future iPhones and will likely contribute to greater dollar content per iPhone than in previous generations. The part is also sampling at a second “marquee†smartph...Qorvo is a holding company. Through its subsidiaries, the company designs, develops, manufactures and markets its products to U.S. and international original equipment manufacturers and original design manufacturers in two operating segments: Mobile Products, which is a supplier of cellular radio frequency (RF) and Wi-Fi solutions for mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the Internet of Things (IoT); and Infrastructure and Defense Products, which is a supplier of RF and system-on-a-chip solutions for cellular base stations and other wireless communications infrastructure, defense, smart home, automotive and other IoT applications.
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