GREENSBORO — Semiconductor firm Qorvo Inc. (QRVO) on Wednesday reported a loss of $138.4 million in its fiscal fourth quarter.
The Greensboro-based company said it had a loss of $1.39 per share. Earnings, adjusted for one-time gains and costs, were 26 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 12 cents per share.
The chipmaker posted revenue of $632.7 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $621.3 million.
For the year, the company reported profit of $103.2 million, or $1 per share. Revenue was reported as $3.57 billion.
But CEO Bob Bruggeworth said he sees improvement.
“Qorvo is operating well and investing in technology and product leadership to broaden our market exposure and drive growth,” he said. “We are seeing increasing strength in customer design activity across our businesses, and we expect improved financial performance supported by content gains in large customer programs,” he said.
For the current quarter ending in June, Qorvo expects its per-share earnings to be 15 cents.
The company said it expects revenue in the range of $620 million to $660 million for the fiscal first quarter.
