Qorvo Raises Fiscal Q2 Guidance on Better-than-expected Demand for Mobile Products

9/9/20

By Mattias Miller, NC Biz News

Qorvo, Inc. raised its fiscal second-quarter guidance on Tuesday after seeing “broad-based mobile demand” for its 4G and 5G mobile products that exceeded its expectations, according to an 8-K filing with the Securities and Exchange Commission.

The company now expects to deliver revenue in the second quarter in a range of $1 billion to $1.03 billion, up from the previous range of $925 to $955 million. The company expects to post earnings per share of $2.14 at the midpoint of guidance, compared to $1.90 at the midpoint of guidance, the filing shows.

Qorvo, a semiconductor company that makes radio-frequency systems, was founded following the 2014 merger of RF Micro Devices and TriQuijnt Semiconductors, Inc.

Shares of Qorvo (QRVO) rallied more than 5 percent in the after-hours session to trade near $120.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.