Qorvo Stock Rallies After Solid Q4 Results, Strong Q1 Guidance

Qorvo Inc. QRVO released its fourth-quarter results after Tuesday’s closing bell. Here’s a look at the details from the report. 

The Details: Qorvo reported quarterly earnings of $1.42 per share, which beat the analyst consensus estimate of $1.00 by 42%. Quarterly revenue clocked in at $869.5 million, beating the consensus estimate of $850.39 million.

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“During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year. Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA,” Bob Bruggeworth, CEO of Qorvo, said.

Outlook: Qorvo is looking for first-quarter adjusted earnings of between 50 cents and 75 cents per share, versus the 59 cent estimate, and revenue in a range of $750 million to $800 million, versus the $756.37 million analyst estimate.

QRVO Price Action: According to data from Benzinga Pro, Qorvo stock was up 10.14% after-hours at $69 on Tuesday.  

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