Activist Investor Starboard Value Acquires 7.7% Stake in Qorvo

The $500 million investment aims to address the chipmaker's underperformance and declining market value.

Starboard Value, led by Jeffrey Smith, has purchased a 7.7% stake in Qorvo, valued at approximately $500 million.
Qorvo's stock rose over 7% in after-hours trading following the news, reflecting market optimism about potential changes.
The chipmaker has faced challenges, including a 27% stock decline over the past year and removal from the S&P 500 index in December.
Weaker demand for premium smartphones and competition from Broadcom and Qualcomm have impacted Qorvo's revenue and market position.
Starboard has a history of pushing for operational improvements and strategic shifts at companies like Pfizer, Salesforce, and News Corp.