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Investing.com — Qorvo (NASDAQ:QRVO) is rallying 8% to a 20-year high after reporting stellar results.
Fiscal second quarter 2021 earnings per share of $2.43 beat the estimated $2.11 on sales of $1.06 billion that bested the expected $1 billion.
For the current quarter, the company forecast revenue of $1.06 billion, plus or minus $15 million with earnings per share of $2.65.
“We project robust end market demand to continue into the December quarter,” said Chief Financial Officer Mark Murphy in a statement. “With our product and technology mix, operating performance and capital discipline, we are projecting record operating margins in the current quarter and free cash flow of approximately $900 million for the fiscal year.”
Like Qualcomm (NASDAQ:QCOM), which also reported strong results, 5G is playing a role in Qorvo’s success.
“Strength was diversified across customers and supported by multiyear technology upgrade cycles, including 5G and Wi-Fi 6,” said Chief Executive Officer Bob Bruggeworth.
Analysts from Needham to Mizuho raised their price targets on the stock.
Qorvo also announced it has acquired Paris-based 7Hugs Labs S.A.S., a software provider for ultra-wideband applications.
