Qorvo news concerning the company’s outlook update in its most recent earnings report has QRVO stock soaring today.
Qorvo’s (NASDAQ:QRVO) outlook update in its earnings report for its fiscal fourth quarter of 2019 is for its fiscal first quarter of 2020. The company says that it is expecting earnings per share for the quarter to be $1.30 at the midpoint of its guidance. That’s good news for QRVO stock with Wall Street looking for earnings per share of $1.05 for the period.
The Qorvo news also includes the company’s revenue outlook for its next quarter. It is expecting this to come in between $780 million and $800 million. This is also a boon to QRVO stock with analysts’ estimating revenue of $693.75 million for its fiscal first quarter of 2020.
The outlook in this Qorvo news release also has it outlining its gross margin expectations for its fiscal first quarter of 2020. The radio-frequency company is expecting this to range from 45% to 45.5% for the quarter.
The positive Qorvo news doesn’t stop there. The company’s earnings report for its fiscal fourth quarter of 2019 was also solid. This includes it reporting earnings per share of $1.22. Earnings per share from the same time last year was $1.07. Wall Street was expecting earnings per share of $1.05 for the most recent quarter.
Qorvo’s revenue for its fiscal fourth quarter of the year comes in at $680.90 million. That represents a 15.5% increase over its revenue from its fiscal first quarter of 2018. It also has it beating out analysts’ revenue estimate of $670.54 million for the quarter.
QRVO stock was up 6% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.