AP NEWS

Qorvo: Fiscal 1Q Earnings Snapshot

August 1, 2018

GREENSBORO, N.C. (AP) _ Qorvo Inc. (QRVO) on Wednesday reported a loss of $30 million in its fiscal first quarter.

On a per-share basis, the Greensboro, North Carolina-based company said it had a loss of 24 cents. Earnings, adjusted for one-time gains and costs, came to 96 cents per share.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.

The chipmaker posted revenue of $692.7 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $655.1 million.

For the current quarter ending in October, Qorvo expects its per-share earnings to be $1.62.

The company said it expects revenue in the range of $850 million to $860 million for the fiscal second quarter.

Qorvo shares have climbed 23 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $82.23, a climb of 21 percent 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

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