Qorvo® (Nasdaq: QRVO) announced it expects revenue and earnings for its fiscal 2016 third quarter will be lower than it previously estimated on November 5, 2015.

Qorvo currently expects its December quarterly revenue will be approximately $620 million, versus its original guidance of $720-$730 million provided November 5, 2015 in its second quarter earnings report. The revenue decline is the result of weaker than forecasted customer demand in the Company’s Mobile Products segment. Operating expenses are expected to decline sequentially, reflecting a significant reduction in variable compensation expense. During the quarter, Qorvo repurchased approximately 4.6 million shares of common stock at a total cost of $250 million. Qorvo has $750 million remaining in its share repurchase program, and Qorvo’s cash balance at the end of the period was over $1 billion.

*** The Street sees Q3 revenue of $723.7 million and EPS of $1.27.

For the March 2016 quarter, Qorvo currently expects quarterly revenue to be approximately flat sequentially. For calendar 2016, Qorvo currently expects above-market revenue growth, based upon customer forecasts and existing customer design wins at Qorvo’s largest customers.

These preliminary results are subject to revision due to the completion of the Company’s financial closing procedures, final adjustments and other developments that may arise between the date of this press release and the date Qorvo announces fiscal 2016 third quarter results.

Qorvo currently expects to release fiscal 2016 third quarter results following the close of regular trading on February 4, 2016. The February 4, 2016, news release will be followed by a conference call available to all interested parties at 5:00 p.m. ET. Both the news release and the live audio webcast of the conference call will be available on the Company's web site at the following URL: http://www.qorvo.com (under “Investors”).