Qorvo Inc. QRVO, +3.79% shares rallied in the extended session Wednesday after the semiconductor company topped Wall Street estimates for the quarter. Qorvo shares rallied more than 7% after hours, following a 3.6% gain in the regular session to close at $106.87. The company reported fiscal first-quarter net income of $68.9 million, or 65 cents a share, compared with $285.6 million, or $2.51 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.25 a share, compared with $2.83 a share in the year-ago period. Revenue declined to $1.04 billion from $1.11 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast $2.11 a share on revenue of $1.02 billion. “Qorvo is executing well and delivering solid results despite macroeconomic headwinds,” said Bob Bruggeworth, Qorvo chief executive, in a statement. “We are investing in product and technology leadership across our businesses and expanding our reach in higher growth end markets, such as IoT connectivity, power management, power conversion and defense.” Qorvo forecast earnings of $2.45 to $2.65 a share on revenue of $1.12 billion to $1.15 billion for the current quarter, while analysts expect $2.62 a share and revenue of $1.13 billion for the year.
