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Qorvo Inc.

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Qorvo’s unimpressive revenue guidance for the next two quarters is expected to remain an overhang on the stock. Management cited delayed product cycle at its largest customer to be one of the multiple reasons that will hurt Mobile Products revenues in the current quarter. Moreover, fourth-quarter fiscal 2018 revenues are projected to decline sequentially. Nevertheless, the second-quarter results reflected an improved demand environment in China. The company benefited from increasing dollar content across power amplifiers, switches, tuners and Wi-Fi in flagship smartphones from Huawei, Xiaomi, Oppo, Vivo and others. Management stated that the unit growth is primarily driven by strong demand in India. Qorvo expects India to be an almost $1-billion opportunity for RF products by 2020. However, mix remains a drag in both China and India as consumers are favoring mid-tier phones, which have lower dollar content.


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