Qorvo forecasts quarterly results below estimates on weak flagship smartphone market

Wireless connectivity chipmaker Qorvo forecast first-quarter revenue and profit below Wall Street estimates on Wednesday as it expects weak demand from flagship smartphone market, sending shares down more than 11% in aftermarket trading.

Slowing sales of Apple’s most popular product, iPhone, has hit suppliers such as Qorvo, as it accounted for about 37% of the chipmaker’s total revenue in fiscal 2023, even when the global smartphone market is recovering.