Qorvo Inc. stock fell more than 6% in after-hours trading Wednesday, following a holiday revenue forecast that came in light amid supply constraints in the semiconductor sector.

Qorvo
QRVO,
+3.50%

Chief Financial Officer Mark Murphy cited “ongoing supply challenges and other factors impacting global smartphone demand” in guiding for a sequential revenue decline in the holiday quarter for the maker of radio-frequency chips and other components, but said executives expect the issue to ease before the next quarter.

Murphy predicted fiscal third-quarter adjusted earnings of $2.75 a share at the midpoint on revenue of $1.09 billion to $1.12 billion, while analysts on average were expecting adjusted earnings of $3.26 a share on sales of $1.25 billion, according to FactSet.

For the fiscal second quarter, Qorvo surpassed expectations in Wednesday’s report. The company reported earnings of $319.2 million, or $2.84 a share, on sales of $1.26 billion, up from $1.06 billion a year ago. After adjusting for stock-based compensation and other effects, the company reported earnings of $3.42 a share, up from $2.43 a share a year ago.

Qorvo also disclosed the acquisition of United Silicon Carbide, which makes silicon-carbide, or SiC, power semiconductors. The company did not disclose a purchase price in the announcement.

Qorvo stock has struggled in the past three months, falling more than 8%, after strong growth heading into the past quarter, with shares still up 38.7% in the past year. The S&P 500 index
SPX,
+0.65%

has grown by 4.7% in the past three months and 37.4% in the past year.

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