Qorvo (QRVO) reported earnings on Wed 2 Feb 22 (a/h)

 

 

 

 

Qorvo beats by $0.22, reports revs in-line; guides Q4 EPS above consensus, revs in-line

• Reports Q3 (Dec) earnings of $2.98 per share, $0.22 better than the S&P Capital IQ Consensus of $2.76; revenues rose 1.8% year/year to $1.11 bln vs the $1.11 bln S&P Capital IQ Consensus.
• Co issues guidance for Q4, sees EPS of $2.94 at the midpoint vs. $2.86 S&P Capital IQ Consensus; sees Q4 revs of $1.135-$1.165 bln vs. $1.15 bln S&P Capital IQ Consensus. Sees Non-GAAP gross margin of approximately 52%.
• Qorvo outperformed the midpoint of our guidance in the December quarter on revenue, gross margin and EPS. Sustained year-over-year revenue growth was supported by multiyear secular growth drivers in 5G, IoT connectivity, defense and power. Qorvo is operating well and expanding the markets we serve while investing to extend product and technology leadership across our portfolio."