What's Going On With Qorvo Stock After Hours?
Portfolio Pulse from Adam Eckert
Qorvo Inc (NASDAQ:QRVO) shares rose in after-hours trading following the announcement of better-than-expected fiscal third-quarter results and the acquisition of Anokiwave. Qorvo reported Q3 revenue of $1.07 billion, surpassing estimates of $1 billion, and EPS of $2.10, beating estimates of $1.66. Year-over-year revenues increased by 44%, with a GAAP gross margin of 36.1% and non-GAAP gross margin of 43.8%. The company expects Q4 revenue between $900 million to $950 million, with a midpoint EPS forecast of $1.20, slightly above estimates of $1.17 per share. The terms of the Anokiwave acquisition were not disclosed.
January 31, 2024 | 9:35 pm
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Qorvo's stock rose after reporting strong Q3 results, with revenue and EPS beating estimates, and announcing the acquisition of Anokiwave, which could enhance its product offerings.
The positive earnings report and the acquisition news are likely to be viewed favorably by investors, potentially leading to a short-term increase in stock price. The acquisition of Anokiwave may provide future growth opportunities and product expansion, which can be seen as a positive development for Qorvo.
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