Shares of semiconductor company Qorvo declined by 3.4% in after-hours trading.

This comes after an earnings call forecasted limited growth in sales to its largest customer, understood to be Apple.

The company, which manufactures radio frequency chips for smartphones, initially experienced a rise in stock value after announcing fiscal Q3 earnings that surpassed analysts’ expectations.

Qorvo reported adjusted earnings per share of US$1.61, exceeding the forecast of US$1.20. It generated revenue of US$916 million, compared to the anticipated US$902 million.

In its annual filing last year, Qorvo revealed that Apple constituted 46% of its fiscal 2024 revenue.

Qorvo also pointed out challenges in its Android business, estimating a decline in revenue between US$150 million and US$200 million in fiscal 2026.

This decline is primarily due to decreasing sales in China.