Qorvo expects strong Q4 on hopes of rebound in smartphone market

Wireless connectivity chipmaker Qorvo forecast fourth-quarter revenue and profit above Wall Street estimates on Wednesday, anticipating a rebound in the smartphone market.

Shares of Greensboro, North Carolina-based company rose more than 5% after the bell.

Qorvo primarily supplies radio frequency solutions to Apple, its largest customer accounting for about 37% of its total revenue in fiscal 2023, and world’s largest memory chip maker Samsung Electronics.