Qorvo Shares Gain 5% on Strong Q3 Results & Outlook

Qorvo (NASDAQ:QRVO) saw its shares climb by nearly 5% pre-market today after announcing third-quarter earnings and revenue that exceeded expectations.

For the third quarter, the semiconductor solutions company reported earnings per share (EPS) of $2.10, surpassing the consensus estimates of $1.66. The company achieved revenue of $1.07 billion, exceeding the $1 billion anticipated by analysts.

Looking to the future, Qorvo anticipates a fourth-quarter EPS of approximately $1.20, which is ahead of the $1.15 estimated by Wall Street. The company also expects revenue for the quarter to be around $925 million, surpassing the analyst projection of $914.1 million.

Additionally, Qorvo announced its intention to acquire Anokiwave, a provider of high-performance silicon integrated circuits (ICs). The deal is expected to be finalized during the March quarter.