GREENSBORO — Qorvo Inc. (QRVO) on Wednesday reported financial results that topped analysts’ expectations.
“Qorvo delivered significantly improved financial performance in the September quarter supported by content gains at our largest customer,” Bob Bruggeworth, chief executive officer of Qorvo, said in a statement.
That customer is Apple, according to Reuters.
“Each of our operating segments is enjoying multiyear technology upgrade cycles that improve performance and enhance functionality, and Qorvo is critical to enabling these capabilities,” Bruggeworth added. The Qorvo team continues to operate very well to secure new customer designs and broaden our opportunities in growth markets.”
The semiconductor and wireless technology firm reported fiscal second-quarter earnings of $97.5 million.
The Greensboro-based company said it had net income of 99 cents per share. Earnings, adjusted for asset impairment costs and stock option expense, came to $2.39 per share.
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The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.77 per share.
The chipmaker posted revenue of $1.1 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $1 billion.
For the current quarter ending in December, Qorvo expects its per-share earnings to be $1.65.
The company said it expects revenue in the range of $750 million to $1.25 billion for the fiscal third quarter.
