Qorvo Inc. (QRVO – Analyst Report) just released their third quarter fiscal 2016 earnings results, posting earnings of $0.82 and revenue of $619.7 million.
Currently, QRVO has a Zacks Rank #3 (Hold), but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.
Qorvo:
1. Beat earnings estimates. The company posted $0.82 per share, beating our Zacks Consensus Estimate of $0.74. This number excludes $0.90 from non-recurring items.
2. Missed revenue estimates. The company saw revenue figures of $619.7 million, missing our estimate of $634 million.
3. Delivered 18% sequential growth in Wireless Infrastructure, indicating initial recovery in China base station market.
4. Bob Bruggeworth, President and CEO of Qorvo, said, “The Qorvo team executed extremely well in our first full year versus calendar 2014, growing annual revenue 12%, expanding gross margin more than 400 basis points and achieving more than 40% growth in operating income.”
4. QRVO was up $0.09, or 0.23%, to $38.87 as of 4:26 PM ET in after hours trading shortly after its earnings report was released.
Here’s a graph that looks at Qorvo’s quarterly EPS and surprise percentage:
Qorvo Inc. (QRVO – Analyst Report) Street EPS & Surprise Percent – Last 5 Quarters | FindTheCompany
Qorvo, Inc. is a provider of technologies and RF solutions for mobile, infrastructure, and aerospace/defence applications. The Company operates through two subsidiaries: RF Micro Devices, Inc. (RFMD) and TriQuint Semiconductor, Inc. (TriQuint). Its products are used for wireless communications applications such as cellular and PCS, cordless telephony, wireless LANs, industrial radios, wireless security and remote meter reading. Qorvo was founded in 2015 and is based in the United States.
