AP NEWS

Qorvo: Fiscal 3Q Earnings Snapshot

January 29, 2020 GMT

GREENSBORO, N.C. (AP) _ Qorvo Inc. (QRVO) on Wednesday reported fiscal third-quarter net income of $161.4 million.

On a per-share basis, the Greensboro, North Carolina-based company said it had net income of $1.36. Earnings, adjusted for one-time gains and costs, came to $1.86 per share.

The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.67 per share.

The chipmaker posted revenue of $869.1 million in the period, also beating Street forecasts. Five analysts surveyed by Zacks expected $850.7 million.

For the current quarter ending in March, Qorvo expects its per-share earnings to be $1.55.

The company said it expects revenue in the range of $800 million to $840 million for the fiscal fourth quarter.

Qorvo shares have dropped 3% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $112.57, a climb of 77% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QRVO at https://www.zacks.com/ap/QRVO