Qorvo Shares Soar 7% Following Q1 Beat

Qorvo (NASDAQ: QRVO) shares surged more than 7% after-hours following the company’s reported Q1 results, with EPS of $2.25 coming in better than the consensus estimate of $2.11. Revenue was $1.04 billion, compared to the consensus estimate of $1.02 billion.

The company expects Q2/23 EPS to be in the range of $2.45-$2.65, compared to the consensus of $2.64, and revenue in the range of $1.12-1.15 billion, compared to the consensus of $1.14 billion.

According to Bob Bruggeworth, president and CEO of Qorvo, the company is investing in product and technology leadership across its businesses and expanding its reach in higher growth end markets, such as IoT connectivity, power management, power conversion and defense. “The global macrotrends supporting our markets, including connectivity, digitization and electrification, increasingly rely on Qorvo’s technologies to address critical efficiency, throughput and form factor requirements,” added Bruggeworth.

By Davit Kirakosyan

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