JPMorgan analyst Bill Peterson notes that following other announced cuts in the Apple (AAPL) supply chain, Qorvo (QRVO) also reset near-term revenue expectations as a result of lower demand from Apple. The analyst believes that not only is Qorvo seeing weaker unit demand, but likely is seeing reduced demand for the iPhone XR model in particular. Nonetheless, Peterson expects Qorvo to outperform through his modeling period on content gains in mobile, broad-based across smartphone makers, compensating for weaker smartphone unit demand and on strong double-digit percentage year over year revenue growth in non-mobile on infrastructure, 5G, and GaN. As expectations have been reset, and with investors becoming more comfortable with the content growth story in mobile and outsized growth in non-mobile, the analyst sees "significant upside" in Qorvo shares over the mid-term, and reiterates an Overweight rating on the stock.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link