Nov 1 (Reuters) - Wireless connectivity chip maker Qorvo (QRVO.O) forecast third-quarter revenue and adjusted profit above Wall Street estimates on Tuesday, expecting a boost from its largest customer Apple (AAPL.O) ahead of an expected recovery in the smartphone market.
The Greensboro, North Carolina-based company's biggest customer is Apple, which contributed 37% to the company's total revenue in fiscal 2023, ended April.
Qorvo expects third-quarter adjusted profit of about $1.65 per share.
The company sees third-quarter revenue of about $1 billion, plus or minus $25 million, compared with LSEG estimates of $992 million.
Qorvo's revenue for the quarter ended Sept. 30 was $1.103 billion, while adjusted profit was $2.39 per share compared with analysts' estimate for revenue of $1 billion and adjusted profit of $1.77 per share.
Persons:
Qorvo, Tanya Jain, Krishna Chandra
Organizations:
Wall, Apple, IDC, Thomson
Locations:
Greensboro, North Carolina, Bengaluru