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Thu, Jan. 7, 4:14 PM
- Qorvo (NASDAQ:QRVO) now expects FQ3 revenue of $620M, well below prior guidance of $720M-$730M and a $723.7M consensus. The RF chipmaker blames "weaker than forecasted customer demand in the Company's Mobile Products segment."
- Revenue is expected to be flat Q/Q in FQ4. Consensus is at $641.9M. "Above-market revenue growth" is forecast for calendar 2016. FQ3 results are due on Feb. 4.
- Cirrus Logic (NASDAQ:CRUS) now expects FQ3 revenue of $347M, below prior guidance of $370M-$400M and a $386M consensus. Cirrus: "Our preliminary revenue results reflect weaker than anticipated demand for certain portable audio products. This weakness escalated over the last few weeks of December and is expected to continue to significantly impact our revenue in the March quarter."
- The audio codec developer still expects "meaningful" FY16 (ends March '16) revenue growth, and expects several new product launches to drive strong FY17 growth. FQ3 results arrive on Jan. 27.
- Both Qorvo and Cirrus are iPhone suppliers, with Cirrus getting well over half its revenue from Apple (NASDAQ:AAPL). The warnings follow multiple reports indicating Apple has cut iPhone-related orders. Cirrus has dropped to $24.52 after hours.
- Update (5:14PM ET): Qorvo is down 10.2% after resuming trading. Many other Apple suppliers are also lower.
Tue, Jan. 5, 12:32 PM
- Citing several parts suppliers, Japan's Nikkei reports Apple (AAPL -2.1%) is "expected to reduce output of the iPhone 6s and 6s Plus by around 30% in the January-March quarter compared with its original plans."
- The paper adds Apple initially told component suppliers to keep production even with that seen for the iPhone 6/6+ a year ago, but has seen 6S/6S+ inventories pile up "at retailers in markets ranging from China and Japan to Europe and the U.S."
- In December, Apple sold off after long-time bull Morgan Stanley forecast (in response to checks) iPhone unit sales will drop 6% in FY16 (ends in September), and added to its losses after Dialog Semi (gets over half its sales from Apple) issued a Q4 warning. In November, Credit Suisse reported of component order cuts.
- Apple is trading near $103 following the Nikkei's report. Suppliers Cirrus Logic (CRUS -4.6%), Skyworks (SWKS -5.2%), Qorvo (QRVO -4.8%), Avago (AVGO -1.9%), and InvenSense (INVN -2.7%) are also under pressure.
- Update: Morgan Stanley reacts to the Nikkei's report by noting a 30% production cut is more than the ~20% it was modeling. (source: Notable Calls)
Dec. 14, 2015, 1:06 PM
- Apple suppliers Skyworks (SWKS -5.3%), Qorvo (QRVO -6.2%), and InvenSense (INVN -4.4%) are off sharply after Morgan Stanley's Katy Huberty (a long-time Apple bull) forecast iPhone unit sales will drop 3% in calendar 2016 (and 6% in FY16, which ends in September) in response to recent checks. She also respectively cut her calendar Q4 and Q1 iPhone shipment forecasts by 5M and 9M to 74M and 52M. Apple (NASDAQ:AAPL) itself is down 1.6%.
- Huberty blames smartphone saturation in developed markets and (presumably due to forex) higher iPhone prices in emerging markets. Her remarks come amid news Apple has cut the price of the iPhone 5S by 43% in India to Rs 24,999 ($370). The company may be looking to clear inventory ahead of the launch of a 4" iPhone 6C.
- Other suppliers such as Qualcomm, Cirrus Logic, Avago, NXP, and Synaptics are seeing more moderate declines; the Nasdaq is nearly flat. iPhone suppliers also sold off last month after Credit Suisse reported of iPhone component order cuts.
Dec. 2, 2015, 5:58 PM
- Skyworks (NASDAQ:SWKS) is up 1.9% after hours to $86.20 after RF chip peer/fellow iPhone supplier Avago (up 8.2%) beat FQ4 EPS estimates and reported in-line revenue.
- Avago's FQ1 sales guidance was slightly below consensus, but not as bad as feared given a chip industry inventory correction and Apple component order cut reports. The company's wireless chip sales rose 10% Q/Q and 8% Y/Y.
- Other Apple suppliers are up modestly: Cirrus Logic (NASDAQ:CRUS) is up 0.3%, and Qorvo (NASDAQ:QRVO) is up 0.6%.
Nov. 13, 2015, 5:37 PM
- Qorvo (NASDAQ:QRVO) is selling $450M worth of 2023 senior notes carrying a 6.75% interest rate, and $550M worth of 2025 senior notes carrying a 7% rate.
- Proceeds will be used for "general corporate purposes, including share repurchases and repayment of any amounts outstanding under its revolving credit facility." The offering comes a week after Qorvo announced (along with an FQ2 beat) a $1B buyback.
- Qorvo had $195M in cash as of Oct. 3, and $75M in debt.
Nov. 10, 2015, 8:32 AM| Nov. 10, 2015, 8:32 AM | 16 Comments
Nov. 6, 2015, 4:47 PM
- The Philadelphia Semi Index (SOXX +2.6%) rallied after Nvidia (NVDA +13.9%) beat estimates and provided strong guidance (gaming GPUs led the way), Skyworks (SWKS +7.1%) offered good calendar Q4 guidance and RF chip peer Qorvo (QRVO +23.2%) posted better-than-feared results and guidance. The Nasdaq rose just 0.4%.
- Also: Analog/Ethernet chipmaker Microsemi (MSCC +4.9%) beat calendar Q3 revenue estimates and offered solid Q4 guidance: Revenue of $325M-$329M and EPS of $0.70-$0.74 vs. a consensus of $323.5M and $0.72.
- Big gainers today included specialty foundry/Skyworks supplier TowerJazz (TSEM +6%), smart TV/home automation chipmaker Sigma Designs (SIGM +16.6%), telecom/networking IC provider InPhi (IPHI +6.7%), touch controller/LCD driver supplier Synaptics (SYNA +6.1%), FPGA maker Lattice Semi (LSCC +6.6%), network processor vendor Cavium (CAVM +5.6%), DSP core IP provider CEVA (CEVA +7.2%), and analog/mixed-signal chipmakers MagnaChip (MX +4.6%) and Semtech (SMTC +5.4%).
- On its earnings call (transcript), Qorvo mentioned Chinese smartphone demand (a recent headwind) is "seeing a bit of a rebound," and that the launch of 5-mode and 6-mode Chinese 4G phones is boosting RF chip content. Qorvo also thinks Chinese base station activity (an issue for many telecom chip/component firms) bottomed in Q3, but cautions a mobile infrastructure recovery is expected to be gradual.
- Microsemi stated on its call (transcript) broadband gateway chip sales were a Q3 strong point, that telecom infrastructure began to improve, and that defense/aerospace sales are expected to rebound in 2016. Industrial demand remained soft in Q3.
- MKM's Ian Ing has upgraded Nvidia to Buy, calling shares "expensive and worth it." Ing: "We see a sustainable growth trajectory, given [Nvidia's] positioning to lead in significant paradigm changes favoring more valuable semiconductor solutions: automotive evolving from driver assist to autonomous driving, gaming transitioning to virtual reality and professional or social E-sports, and cloud computing increasingly using GPU accelerators for machine learning."
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
- Last week: Chip stocks sell off after NXP, STMicro, others issue soft guidance
Nov. 6, 2015, 9:29 AM
Nov. 5, 2015, 6:44 PM
- Along with its FQ2 results, Qorvo (NASDAQ:QRVO) has announced a $1B, 12-month, buyback, good for repurchasing 13% of shares at current levels. The company finished a $400M buyback in September (just a month after launching it), and before that did a $200M buyback.
- FQ2 gross margin (non-GAAP) was 49.7%, down 180 bps Q/Q. Operating expenses fell by $1.9M Q/Q to $156.8M. Qorvo ended the quarter with $195M in cash, and $75M in debt.
- CEO Bob Bruggeworth: "Design activity during the quarter was particularly robust, as we secured multiple opportunities to expand content in the marquee smartphones launching in calendar 2016 and 2017 and positioned [infrastructure & defense products] to accelerate growth across its target markets."
- QRVO +14.5% after hours to $51.60.
- FQ2 results/FQ3 guidance, PR
Nov. 5, 2015, 5:40 PM
Nov. 5, 2015, 4:07 PM
- Qorvo (NASDAQ:QRVO): FQ2 EPS of $1.22 beats by $0.11.
- Revenue of $708.3M beats by $8.87M.
- Expects FQ3 revenue of $720M-$730M and EPS of $1.25-$1.30 vs. a consensus of $741.2M and $1.26.
- Shares +14.7% after hours.
Nov. 4, 2015, 5:35 PM
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Oct. 29, 2015, 12:29 PM
- Down on Monday following Dialog Semi's Q3 report and up yesterday in the wake of Apple's results/guidance, chip stocks are selling off again (SOXX -2.5%) after leading microcontroller vendor NXP (NXPI -18.2%) posted mixed Q3 results and (more importantly) guided for Q4 revenue to be down by a "low to upper-teens" % Q/Q. The Nasdaq is down 0.3%.
- Also: 1) NXP rival and fellow European chipmaker STMicroelectronics (STM -5.8%) slightly missed Q3 revenue estimates and has guided for Q4 revenue to be down 6% (+/- 3.5%) Q/Q. 2) Network processor vendor Cavium (CAVM -5%) issued light Q4 guidance, while blaming a distribution model change at its biggest data center customer. 3) Microcontroller maker Atmel (ATML -2.4%, set to be acquired by Dialog) missed Q3 revenue estimates and guided for Q4 revenue of $266M-$286M, below a $296.1M consensus.
- On the bright side, Apple-dependent Cirrus Logic (CRUS -5.7%) beat FQ2 EPS estimates (revenue was in-line) and provided solid FQ3 guidance, and fellow Apple/Samsung supplier InvenSense (INVN +14.3%) beat FQ2 estimates and issued in-line FQ3 guidance. Cirrus is nonetheless selling off; the earnings call (transcript) was generally upbeat, with management talking up FY16/FY17 growth opportunities related to smart codec and boosted amplifier sales.
- NXP merger partner Freescale (FSL -15.4%) is naturally seeing big losses. Other decliners include RF chipmakers Skyworks (SWKS -3.1%), Avago (AVGO -6%), and Qorvo (QRVO -2.6%), analog/mixed-signal chipmakers Texas Instruments (TXN -3%), ON Semi (ON -5.9%), MagnaChip (MX -6.8%), Fairchild (FCS -4.3%), Maxim (MXIM -3.1%), and IDT (IDTI -5.2%), and smart TV SoC vendor/STMicro rival Sigma Designs (SIGM -3.2%).
- Like NXP, Cirrus, and InvenSense, Skyworks, Avago, Qorvo, TI, and Fairchild are Apple suppliers. Fairchild and Maxim have recently benefited from M&A reports (I, II).
- Both NXP and STMicro reported seeing conditions deteriorate as Q3 progressed. NXP added lower-than-expected chip sell-through led to higher channel inventories, and STMicro stated "lower consumer spending in China is impacting the dynamics of the distribution channel in the region and the industry more globally, particularly in automotive." NXP has added 20M shares to its buyback in an attempt to soften the blow.
- Chip ETFs: SMH, XSD, PSI, SOXL, USD, SOXS, SSG
Oct. 27, 2015, 7:48 PM
- Apple beat estimates with the help of ASP/margin strength and 99% Greater China growth, reported 48M iPhone sales (consensus was around 48.5M), and guided for FQ1 revenue of $75.5B-$77.5B vs. a $77.1B consensus. The numbers are good enough for chip suppliers hammered yesterday thanks to Dialog Semi's Q3 report to move higher.
- Cirrus Logic (NASDAQ:CRUS) is up 2% after hours ahead of tomorrow afternoon's FQ2 report. Skyworks (NASDAQ:SWKS) is up 1.7%, Avago (NASDAQ:AVGO) is up 2%, InvenSense (INVN - reports tomorrow) is up 2.2%, NXP (NXPI - reports tomorrow) is up 1.3%, and Qorvo (NASDAQ:QRVO) is up 1%.
Oct. 26, 2015, 10:52 AM
- Apple suppliers Qualcomm (QCOM -2.9%), Cirrus Logic (CRUS -10.1%), Skyworks (SWKS -5.1%), Qorvo (QRVO -5%), Avago (AVGO -4.2%), Broadcom (BRCM -2.3%), NXP (NXPI -3.5%), InvenSense (INVN -2.1%), Synaptics (SYNA -4.4%), and Analog Devices (ADI -2.7%) are selling off after iPhone/iPad power management IC supplier Dialog Semi (down 18.8% in Frankfurt) reported 18% Y/Y Q3 revenue growth and guided for annual Q4 growth to be in a range of -1% to +6%. Both the Q3 sales and Q4 guidance missed consensus estimates.
- NXP merger partner Freescale (FSL -2.9%) is also lower. As is Atmel (ATML -8.1%), which is set to merge with Dialog in a cash/stock deal. Atmel was originally due to receive over half its payout in Dialog shares, whose value has fallen considerably since the deal was announced in mid-September.
- Broadcom, set to merge with Avago, reports after the bell. Apple reports tomorrow, and Cirrus, NXP, and InvenSense on Wednesday. With the help of improving demand and ongoing M&A, chip stocks had bounced strongly from their August/September lows in recent weeks.
Oct. 20, 2015, 10:24 AM
- Drexel Hamilton has launched coverage on RF chipmaker Qorvo (QRVO +1.6%), tunable RF filter developer Resonant (RESN +2.9%), and specialty foundry TowerJazz (TSEM +4.7%) with Buy ratings. Qorvo rival/TowerJazz client Skyworks has also been started at Buy, but is nonetheless down slightly.
- Qorvo, hammered in July by its soft FQ2 guidance, is down 31% YTD, and trades for just 8.8x an FY17 (ends March '17) EPS consensus of $5.45. Resonant, crushed by Skyworks' decision to terminate a development agreement, is down 66% YTD. TowerJazz is nearly flat on the year.
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