Qorvo Stock Soars After Strong Q3 Results: Details

Qorvo, Inc. QRVO reported its third-quarter financial results after Tuesday's closing bell. Here's a look at the key figures from the quarter. 

The Details: Qorvo reported quarterly earnings of $1.61 per share, which beat the analyst consensus estimate of $1.20. Quarterly revenue came in at $916.3 million, which beat the analyst consensus estimate of $901.51 million.

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“Qorvo is executing on a broad set of strategic initiatives to expand margin, generate strong free cash flow and increase shareholder value. During the December quarter, we continued to successfully support our largest customer, who represented approximately 50% of sales,” said Bob Bruggeworth, president and CEO of Qorvo.

“Within our Android 5G product portfolio, we are narrowing our focus to the higher-value flagship and premium tiers, where customers value Qorvo’s differentiated products. In HPA, we had record Defense & Aerospace quarterly revenue and expect continued strength in the March quarter. As we continue to execute on our growth and diversification strategy, we expect HPA and CSG to deliver double-digit growth in fiscal 2025 and next fiscal year,” Bruggeworth added.

Outlook: Qorvo sees fourth-quarter revenue in a range of $825 million to $875 million, versus the $841.2 million estimate, and adjusted earnings of between 90 cents and $1.10 per share, versus the 86-cent estimate.

QRVO Price Action: According to data from Benzinga Pro, Qorvo shares are up 18.20% after hours at $101.39 Tuesday.  

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Image: Courtesy of Qorvo, Inc.