Qorvo (QRVO) Lowers March Qtr Revenue Guidance $50M Amid Coronavirus, Full Impact Remains Uncertain

Qorvo® (Nasdaq: QRVO) provided updated financial guidance for the company’s fiscal 2020 fourth quarter, ending March 28, 2020.

On January 29, 2020, Qorvo provided March 2020 quarterly revenue guidance of $800 million to $840 million. Since then, the novel coronavirus (COVID-19) has impacted the smartphone supply chain and customer demand more than anticipated. Qorvo currently estimates revenue in the March quarter of approximately $770 million, or $50 million below the midpoint. However, the full impact of COVID-19 remains difficult to forecast given the uncertainty of the magnitude, duration and geographic reach of the outbreak. The company plans to announce financial results for its fiscal 2020 fourth quarter on or about May 5, 2020. (*** consensus is $803.92 million)

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