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

- 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% decline in the September quarter, data from the IDC showed.

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