Note: This story has been revised and updated.

GREENSBORO – Qorvo Inc.’s struggles this month continued after the Greensboro, North Carolina-based semiconductor company lowered its third quarter 2019 projections in response to weak demand for iPhones, according to a filing with the Securities and Exchange Commission.


Qorvo, one of Apple’s chip suppliers, cut its revenue expectations for the upcoming quarter to between $800 million and $840 million. That range falls below Wall Street analyst projections, which average out to around $854 million.

The company previously projected revenue to be between $880 million and $900 million.

Disappointing demand for Apple’s newest smartphone, the iPhone XR, also caused Qorvo to cut its projected earnings by 12.8 percent, to $1.70 per share from the previous projection of $1.95 per share.

That new projection is 15.1 percent lower than the current analyst estimate of $1.82 per share.

Qorvo also slightly lowered its expected gross margin, to 49.5 percent from 50 percent.

The changes were attributed solely to lower demand of smartphones. Qorvo’s forecast remained unchanged for its businesses in China-based handset manufacturers and infrastructure and defense products.

The company also said it expects revenue for the next quarter, which ends March 2019, to be down “less than 10 percent” from the current quarter.

If the company’s actual revenue during that quarter falls 10 percent lower than its newly projected revenue range for the third quarter, then Qorvo will report between $720 million and $756 million.

That falls well below the current analyst estimate of around $771 million in revenue for Qorvo next quarter.

At the start of November, Qorvo reported second quarter non-GAAP earnings of $1.75 per share, above the Zacks consensus estimate of $1.62 per share.

At Wednesday’s close, Qorvo traded at $62.88 per share. That was down 1.6 percent from the open of trading Tuesday and down 19.9 percent from the start of the month.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism