GREENSBORO, N.C. (AP) — GREENSBORO, N.C. (AP) — Qorvo Inc. (QRVO) on Tuesday reported fiscal first-quarter profit of $25.6 million.
On a per-share basis, the Greensboro, North Carolina-based company said it had net income of 27 cents. Earnings, adjusted for stock option expense and amortization costs, were 92 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 62 cents per share.
The chipmaker posted revenue of $818.8 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $774.7 million.
For the current quarter ending in September, Qorvo expects its per-share earnings to range from $1.75 to $2.25.
The company said it expects revenue in the range of $975 million to $1.08 billion for the fiscal second quarter.
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