Activist investor Starboard Value takes 7.7% stake in chipmaker Qorvo (updated)
17/01/2025 13:11
(Adds share movement in paragraph 2, background and details in
paragraphs 3,4)
Jan 17 (Reuters) - Starboard Value has built a 7.7%
stake in Qorvo QRVO.O , the chipmaker revealed in a filing on
Friday, as the activist investor looks to boost the company's
weak share price.
Shares of the company rose over 7% in premarket trading.
The Apple supplier has been grappling with stiff competition
and slowing orders for its smartphone chips as consumers
gravitate towards entry-tier smartphones, while larger rivals
such as Broadcom AVGO.O and Qualcomm QCOM.O benefit from a
recovery in the Chinese smartphone market.
Starboard's stake in Qorvo is worth more than $500 million,
as of the stock's last closing price on Thursday.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Krishna
Chandra Eluri)
((Zaheer.Kachwala@thomsonreuters.com;))