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  4. Qorvo Shares Soar 7% Following Q1 Beat
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Qorvo Shares Soar 7% Following Q1 Beat

By Davit Kirakosyan 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...
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Qorvo Shares Soar 7% Following Q1 Beat © Reuters Qorvo Shares Soar 7% Following Q1 Beat

By Davit Kirakosyan

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.

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01-05-2024 10:45:17 (UTC+7)

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 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
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 Brent Oil85.62↑ Sell
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 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
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