Qorvo (QRVO) Tops Q1 Earnings and Revenue Estimates

Company Performance - Qorvo reported quarterly earnings of $0.87 per share, exceeding the Zacks Consensus Estimate of $0.71 per share, and showing significant growth from $0.34 per share a year ago [2] - The company achieved revenues of $886.67 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.18%, compared to $651.16 million in the same quarter last year [3] - Qorvo has outperformed consensus EPS and revenue estimates for four consecutive quarters [1][3] Stock Performance - Qorvo shares have increased approximately 8.8% since the beginning of the year, while the S&P 500 has gained 14.5% [4] - The current consensus EPS estimate for the upcoming quarter is $1.80 on revenues of $1.02 billion, and for the current fiscal year, it is $6.11 on revenues of $3.9 billion [6] Industry Outlook - The Semiconductors - Radio Frequency industry, to which Qorvo belongs, is currently ranked in the top 8% of over 250 Zacks industries, indicating a strong industry performance [13] - The company's Zacks Rank is currently 3 (Hold), suggesting that shares are expected to perform in line with the market in the near future [12]