Earnings: Qorvo beats Street with $50M quarter; vTv Therapeutics reports loss

RESEARCH TRIANGLE PARK – Semiconductor firm Qorvo, which is based in Greensboro, reported a Street-beating quarter on Thursday. But nearby vTv Therapeutics reported a loss.

Here are the details

Qorvo

GREENSBORO – Qorvo Inc. (QRVO) on Thursday reported fiscal fourth-quarter earnings of $50.4 million.

On a per-share basis, the firm said it had profit of 43 cents. Earnings, adjusted for amortization costs and costs related to mergers and acquisitions, were $1.57 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.32 per share.

The chipmaker posted revenue of $787.8 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $768.4 million.

“Qorvo delivered a strong quarter under challenging circumstances, and I couldn’t be more proud of how our team is responding,” said Bob Bruggeworth, Qorvo’s CEO, said in a statement.

“We are operating well, focused on keeping our employees, partners and communities healthy, while supporting customers and advancing technology. Our technologies and operations are more important than ever as we support global deployments in 5G handsets and infrastructure, defense, Wi-Fi 6 and IoT.”

For the year, the company reported profit of $334.3 million, or $2.80 per share. Revenue was reported as $3.24 billion.

For the current quarter ending in July, Qorvo expects its per-share earnings to be $1.13.

The company said it expects revenue in the range of $710 million to $750 million for the fiscal first quarter.

Qorvo shares have declined 13% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $100.82, a climb of 37% in the last 12 months.