Qorvo

Qorvo stock could get a boost on the back of an activist’s involvement, Morgan Stanley analysts said as they upgraded shares of the chip maker to Overweight from Equal Weight. Shares of Qorvo climbed 4.1% to $87.66 as analysts led by Joseph Moore upgraded the stock and raised the price target to $106 from $90, suggesting a potential 22% upside. “We have seen value in QRVO stock, and have unsuccessfully tried to capture it a couple of times with upgrades that worked only modestly,” Moore wrote. The most recent catalyst for an upgrade came as Qorvo announced that Starboard Value, a New York-based hedge fund, had taken a 7.7% stake in the company, according to a filing on Friday. Qorvo’s core business centers on the design and production of radio frequency (RF) technologies for mobile, infrastructure, and the defense and aerospace markets. The company counts Apple among its biggest customers. […]

Qorvo (NASDAQ:QRVO) reported fiscal Q1 non-GAAP earnings  of $0.34 per diluted share, down from $2.25 a year earlier. Analysts polled by Capital IQ expected $0.15. Revenue for the quarter ended July 1 was $651.2 million, down from $1.04 billion a year earlier. Analysts surveyed by Capital IQ expected $639.7 million. The company said it expects fiscal Q2 non-GAAP diluted EPS of $1.75. Analysts polled by Capital IQ are looking for $1.62. Revenue for the fiscal quarter is projected to be $1 billion, plus or minus $15 million. the company said. Analysts surveyed by Capital IQ are expecting $953.8 million.

February 1, 2023 — Qorvo(NASDAQ:QRVO) , a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2023 third quarter ended December 31, 2022. Qorvo(NASDAQ:QRVO) reported Wednesday fiscal Q3 non-GAAP earnings of $0.75 per diluted share, Analysts polled by Capital IQ expected $0.63. Revenue for the quarter ended Dec. 31, 2022, was $743.3 million, Analysts polled by Capital IQ expected $726.3 million. The company said it expects fiscal Q4 non-GAAP diluted EPS of $0.10 to $0.15. Analysts polled by Capital IQ expect $0.60. The company expects revenue for the quarter of $600 million to $640 million. Analysts polled by Capital IQ expect $725.9 million. On a GAAP basis, revenue for Qorvo’s fiscal 2023 third quarter was $743 million, gross margin was 36.1%, operating income was $9 million and loss per share was $0.16. On a non-GAAP basis, gross margin was 40.9%, operating income was $99