Power solutions company Qorvo (NASDAQ:QRVO) reported better-than-expected financial results after market close Tuesday, sending shares higher.
What Happened: Qorvo reported first-quarter revenue of $818.8 million, beating a Street consensus estimate of $775.6 million, according to data from Benzinga Pro.
The company reported earnings per share of 92 cents for the quarter, beating a Street consensus estimate of 63 cents per share.
"The Qorvo team delivered a strong fiscal 2026 first quarter," Qorvo CEO Bob Bruggeworth said.
The CEO said the company is working on a "broad set of initiatives" to enhance profitability and is already seeing early positive results.
Chief Financial Officer Grant Brown said the first-quarter results exceeded company guidance, including for earnings per share and gross margins.
"These improvements demonstrate the actions being undertaken across our product portfolio, business segments, and manufacturing footprint that will enable us to improve profitability as we advance through fiscal 2026 and into fiscal 2027," Brown said.
What's Next: The company is guiding for second quarter revenue in a range of $975 million to $1.075 billion, versus a Street estimate of $953.25 million according to Benzinga Pro.
The company’s guidance for non-GAAP earnings per share is $1.75 to $2.25 in the second quarter, compared to a Street estimate of $1.63.
"In the September quarter, we expect sequential growth and margin expansion to be supported by increases in Qorvo content and unit volumes in large customer programs."
QRVO Price Action: Qorvo stock is up 8.13% to $91.55 in after-hours trading Tuesday, versus a 52-week trading range of $49.46 to $123.41.
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