Qorvo, a key Apple supplier reported strong earnings and guidance, but the stock dropped after the company warned of flat sales to its 'largest customer.'
Qorvo shares initially surged more than 13% after the company reported better-than-expected earnings, but reversed due to comments made about sales to its "largest customer."
Qorvo didn't name the customer but said it accounted for just over half of revenue in the December period.for an outsized amount of revenue, plunged in extended trading after the company warned of potentially flat sales to its "largest customer." However, the stock turned around dramatically soon after the start of the earnings calls, when CEO Bob Bruggeworth told analysts that sales to its top customer would show little if any growth in the fiscal year ending March 2026.
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