GREENSBORO – The Board of Directors for Qorvo (NASDAQ: QRVO) has approved a $2 billion stock repurchase authorization, the company announced on Wednesday during its fiscal fourth-quarter earnings report.

The news of the stock buyback came from Mark Murphy, the CFO for the Greensboro-headquartered company.  The company reported a fourth-quarter profit of nearly $300 million.

The company’s fiscal year ends in March of each year.

Revenue for the quarter exceeded expectations, which CEO and president Bob Bruggeworth noted was due to increased demand in 5G handsets and Wi-Fi 6 and 6E.

“Our outlook is strong as Qorvo is enabling multiyear upgrade cycles in existing markets and introducing disruptive technologies including ultra-wideband, RF-based biotechnology testing and MEMS-based solutions,” said Bruggeworth.

For the year, the company reported profit of $733.6 million, or $6.32 per share. Revenue was reported as $4.02 billion.

A company subsidiary, Qorvo Biotechnologies, was granted emergency use authorization and awarded a $24.4 million contract to produce a COVID-19 rapid test earlier this year.

Qorvo Biotechnologies granted emergency use authorization, awarded $24.4M contract, to produce COVID-19 rapid test

Qorvo’s stock price has increased about 10% since the beginning of 2021.  The company’s stock price reached an all-time high of $188.32 per share earlier this week, an increase of about 87% in the last 12 months.