Qorvo Stock Falls After Q2 Results, Q3 Guidance Below Estimates: Details
Portfolio Pulse from Erica Kollmann
Qorvo's stock fell after reporting Q2 earnings that beat estimates but provided Q3 guidance below expectations. The company reported earnings of $1.88 per share and revenue of $1.047 billion, both above estimates. However, Q3 guidance was lower than expected, with earnings projected between $1.10 and $1.30 per share and revenue around $900 million. Qorvo's shares dropped 16% in after-hours trading.
October 29, 2024 | 9:28 pm
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Qorvo's Q2 earnings exceeded expectations, but Q3 guidance fell short, leading to a 16% drop in after-hours trading. The company expects lower revenue and gross margin in fiscal 2025 compared to 2024.
Qorvo's Q2 results were positive, beating both earnings and revenue estimates. However, the company's Q3 guidance was significantly below analyst expectations, which is likely to negatively impact investor sentiment and the stock price in the short term. The after-hours drop of 16% reflects this negative outlook.
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