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Qorvo forecasts quarterly results below estimates on weak flagship smartphone market

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Islanders flock to Charlottetown Flea Market for affordable finds amid rising costs | SaltWire - Wireless connectivity chipmaker Qorvo forecast first-quarter revenue and profit below Wall Street estimates on Wednesday as it expects weak demand from flagship smartphone market, sending shares down more than 11% in aftermarket trading.

An uncertain economy has also forced customers to cut discretionary spending, with Qorvo facing stiff competition from other bigger rivals such as Broadcom and Qualcomm. The Greensboro, North Carolina-based company expects first-quarter revenue to be about $850 million, plus or minus $25 million, compared with analysts' average estimate of $917.7 million, according to LSEG data.

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