Shares of Qorvo (NASDAQ: QRVO) have slipped 40% in the past year thanks to the weakness in the global smartphone market, but the company sprung a surprise when it released fiscal 2023 second-quarter results (for the three months ended Oct. 1, 2022) on Nov. 2.

The chipmaker, which is known for supplying its chips to Apple (NASDAQ: AAPL), beat Wall Street's revenue and earnings estimates. Qorvo also announced a share repurchase program worth up to $2 billion. Still, investors weren't impressed, and Qorvo stock fell following the quarterly report. Let's see why.

Qorvo reported $1.16 billion in fiscal Q2 revenue, down 7% from the prior-year period. The chipmaker attributed the decline to weakness in the Android smartphone ecosystem. The production ramp of Apple's latest iPhone 14 lineup wasn't enough to help offset the weakness in Android smartphones. Qorvo management pointed out that its cellular revenue increased 15% sequentially thanks to its largest customer.

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Source Fool.com