Qorvo Inc QRVO shares are trading higher in Wednesday’s after-hours session after the company reported fiscal third-quarter results and announced it will acquire Anokiwave.
- Q3 Revenue: $1.07 billion beat estimates of $1 billion
- Q3 EPS: $2.10 beat estimates of $1.66
Revenues were up 44% on a year-over-year basis. Gross margin came in at 36.1% on a GAAP basis and 43.8% on a non-GAAP basis.
“Strong execution by the Qorvo team resulted in robust December quarterly financial performance. During the quarter we continued to bring channel inventories down, and Qorvo shipments are now more closely aligned to end market demand,” said Bob Bruggeworth, president and CEO of Qorvo.
“We are seeing incremental improvement in end market demand in the Android ecosystem, and we expect to achieve year-over-year revenue growth in all of Qorvo’s operating segments in the March quarter.”
Qorvo expects fiscal fourth-quarter revenue of $900 million to $950 million versus estimates of $913.143 million. The company anticipates fourth-quarter earnings of $1.20 per share at the midpoint versus estimates of $1.17 per share, according to Benzinga Pro.
Qorvo also announced that it reached a definitive agreement to acquire Anokiwave. The company is a supplier of high-performance silicon integrated circuits for intelligent active array antennas. Terms of the deal were not disclosed.
See Also: Qualcomm Q1 Earnings Highlights: Revenue Beat, EPS Beat, Q2 Guidance And More
QRVO Price Action: Qorvo shares were up 4.97% at $104.70 at the time of publication, according to Benzinga Pro.
Photo: 3844328 from Pixabay.
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