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Qorvo beats Street 4Q forecasts

GREENSBORO, N.C. (AP) _ Qorvo Inc. (QRVO) on Wednesday reported fiscal fourth-quarter net income of $55.9 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Greensboro, North Carolina-based company said it had profit of 43 cents. Earnings, adjusted for one-time gains and costs, were 85 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 82 cents per share.

The chipmaker posted revenue of $643 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $631.6 million.

For the year, the company reported that its loss narrowed to $16.6 million, or 13 cents per share. Revenue was reported as $3.03 billion.

For the current quarter ending in July, Qorvo said it expects revenue in the range of $610 million to $650 million.

Qorvo shares have risen 29 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $68.05, an increase of 51 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QRVO at https://www.zacks.com/ap/QRVO


Keywords: Qorvo, Earnings Report