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Qorvo (QRVO): Q3 2020 Earnings Snapshot

— Qorvo (NASDAQ: QRVO) reported Q3 2020 earnings of $1.86 per share, vs. $1.68 expected.

— Revenues totaled $869 million, vs. $852 million expected.

— Qorvo commenced volume shipments of BAW filters to a top-tier infrastructure OEM supporting China Mobile’s 5G small cell deployment.

— The company secured new design wins and increased shipments of Wi-Fi 6 FEMs across CPE, retail and mobile.

— Q4 2020 revenue is expected to be $800-840 million.

— Q4 2020 adjusted EPS is expected to be $1.55 at the midpoint of guidance.

— QRVO shares gained 8% immediately following the announcement.

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