Qorvo: Fiscal 3Q Earnings Snapshot
GREENSBORO, N.C. (AP) _ Qorvo Inc. (QRVO) on Thursday reported fiscal third-quarter net income of $69.5 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 profit of 55 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to $1.85 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.70 per share.
The chipmaker posted revenue of $832.3 million in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $821 million.
Qorvo shares have climbed almost 10 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $66.60, a drop of 15 percent in the last 12 months.