What: Shares of wireless chip specialist Qorvo (NASDAQ:QRVO) plunged 14% Thursday after its current-quarter outlook disappointed investors.

So what: Qorvo's Q1 results managed to easily top estimates -- adjusted EPS of $1.09 on revenue of $673.6 million -- but downbeat guidance for the current quarter is forcing analysts to drastically recalibrate their growth estimates. Management blamed the weak outlook on a soft base station market, suggesting that the breakneck LTE buildout in China is weighing on Qorvo's margins far more heavily than investors had thought. 

Now what: Management now sees Q2 EPS of $1.05 to $1.15 on revenue of $690 million to $710 million, well below the average analyst estimate of $1.28 and $741.5 million, respectively. "We are launching an increasing number of differentiated RF solutions that leverage our unique combination of core competencies," said President and CEO Bob Bruggeworth. "These new Qorvo solutions, which include receive diversity modules, Wi-Fi Integrated Front End Modules, and SOI infrastructure switches, are expected to contribute meaningfully to revenue next calendar year." Given Qorvo's ice-cold stock price -- now off about 35% from its 52-week highs -- and rock-solid balance sheet, now might even be an opportune time to buy into that bullishness.