Qorvo, Inc. (NASDAQ:QRVO) reported upbeat results for the fourth quarter, but issued weak current-quarter forecast.

Qorvo posted adjusted earnings of $1.39 per share, beating market estimates of $1.21 per share. The company's quarterly sales came in at $941.000 million versus expectations of $926.248 million, according to data from Benzinga Pro.

Grant Brown, chief financial officer of Qorvo, said, "In fiscal 2024, Qorvo achieved significant content gains with key mobile customers and robust revenue growth in our defense and aerospace business. As we begin fiscal 2025, flagship smartphone ramps and large defense programs are down seasonally, and we expect product mix to trend toward mass market 5G products and associated higher-cost inventories in the June quarter. In the September quarter, we anticipate substantial sequential gross margin improvement. For full-year fiscal 2025, we expect modest revenue growth and margin improvement compared to fiscal 2024. We continue to take proactive steps to reduce capital intensity and structurally enhance our gross margin profile."

Qorvo said it sees first-quarter revenue of $825 million to $875 million, versus estimates of $917.67 million. The company projects adjusted earnings of 60 cents to 80 cents per share, versus expectations of $1.27 per share.

Qorvo shares fell 4.2% to close at $111.89 on Wednesday.

These analysts made changes to their price targets on Qorvo following earnings announcement.

• Needham cut the price target on Qorvo from $125 to $110. Needham analyst Quinn Bolton maintained a Buy rating.
• Mizuho slashed the price target on Qorvo from $115 to $105. Mizuho analyst Vijay Rakesh maintained a Neutral rating.
• Susquehanna cut the price target on Qorvo from $100 to $95. Susquehanna analyst Christopher Rolland maintained a Neutral rating.

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