Qorvo, Inc. QRVO shares are trading lower after the company reported its second-quarter results after Tuesday’s closing bell. Here’s a look at the details from the report.
The Details: Qorvo reported quarterly earnings of $1.88 per share, which beat the analyst consensus estimate of $1.85. Quarterly revenue came in at $1.047 billion, which beat the consensus estimate of $1.028 billion and is a decrease from sales of $1.104 billion from the same period last year.
“In the September quarter, ACG successfully supported our largest customer’s seasonal smartphone ramp. In HPA, we expanded our D&A business while building a broad-based business in power management. In CSG, we maintained our leadership in Wi-Fi applications while investing to grow in diverse businesses including automotive solutions and SoCs for ultra-wideband and Matter. HPA and CSG are on pace to achieve mid-teen year-over-year growth in fiscal 2025,” said Bob Bruggeworth, CEO of Qorvo.
Outlook: Qorvo expects third-quarter adjusted earnings of between $1.10 and $1.30 per share, versus the $1.92 estimate and revenue of approximately $900 million, plus or minus $25 million, versus the $1.056 billion estimate. Qorvo CFO Grant Brown said the company expects fiscal year 2025 revenue and gross margin to be down slightly versus fiscal 2024.
QRVO Price Action: According to Benzinga Pro, Qorvo shares are down 16% after-hours at $84.40 at the time of publication Tuesday.
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