Qorvo: Fiscal 1Q Earnings Snapshot
GREENSBORO, N.C. (AP) _ Qorvo Inc. (QRVO) on Thursday reported fiscal first-quarter net income of $39.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Greensboro, North Carolina-based company said it had net income of 33 cents. Earnings, adjusted for one-time gains and costs, came to $1.36 per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.15 per share.
The chipmaker posted revenue of $775.6 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $740.3 million.
For the current quarter ending in October, Qorvo expects its per-share earnings to be $1.30.
The company said it expects revenue in the range of $745 million to $765 million for the fiscal second quarter.
Qorvo shares have climbed 18% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $71.37, a fall of 13% in the last 12 months.