Qorvo reported earnings in late October and the stock is down a staggering 29% since on underwhelming guidance. I am upgrading QRVO stock to buy as I think it has hit bottom and should see a U-turn in the smartphone market next year. In my opinion, the company's diversification strategy should also lessen the reliance on Apple.
Shares of Qorvo (QRVO) plunged more than 25% Wednesday afternoon when the radio frequency and power chipmaker posted a surprising loss and warned of a continuing slowdown in its business.
The radio-frequency chip maker beats quarterly earnings and sales estimates but issues disappointing guidance.
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