Qorvo forecasts Q3 profit, revenue above estimates on smartphone market recovery

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Wireless connectivity chip maker Qorvo forecast third-quarter revenue and adjusted profit above Wall Street estimates on Tuesday, expecting a boost from its largest customer Apple ahead of an expected recovery in the smartphone market. The company's shares rose 1.3 per cent in extended trading.

Wireless connectivity chip maker Qorvo forecast third-quarter revenue and adjusted profit above Wall Street estimates on Tuesday, expecting a boost from its largest customer Apple ahead of an expected recovery in the smartphone market.Qorvo makes radio-frequency chips used in 5G base stations, as well as for cellular and WiFi connectivity in smartphones and other gadgets.

The smartphone market is expected to recover after seeing a 0.1 per cent decline in the September quarter, data from the IDC showed. The company sees third-quarter revenue of about $1 billion, plus or minus $25 million, compared with LSEG estimates of $992 million.

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