RF solutions provider Qorvo (QRVO) reported its second quarter 2019 financial results that beat consensus estimates. Non-GAAP EPS increased by 23 cents to $1.75 compared to the prior year quarter, while GAAP EPS dropped 2 cents to 25 cents in the recently ended quarter. Revenue for the quarter ended September 29, 2018, increased $63 million annually to $884 million.
Analysts had expected Qorvo to report a profit of $1.62 per share on revenue of $856 million. “I’m proud of the Qorvo team for delivering a strong September quarter, with both revenue and EPS well above guidance,” said CEO Bob Bruggeworth.
Mobile products revenue jumped 37% sequentially to $667 million
For the December 2018 quarter, the company expects EPS of $1.95, which is at the midpoint of guidance and revenue to range between $880 million and $900 million. Commenting on the guidance, CFO Mark Murphy said, “Our outlook calls for a strong December quarter with higher volumes and ongoing cost control, and it factors in a more measured view on demand from China-based handset manufacturers.”
Mobile products revenue jumped 37% sequentially to $667 million. Infrastructure and defense products revenue was up 15% year-over-year. Apart from the growth in smartphones and IDP business, Qorvo’s presence in the Internet of Things (IoT) is expected to benefit the company in the future.
Qorvo’s peers NXP Semiconductors (NXPI) is set to report its quarterly earnings later today evening and Skyworks Solutions (SWKS) is scheduled to report its next round of earnings results on November 8.
Qorvo stock, which was up by 3.61% at $73.51 during the regular trading session, ticked up further during the extended hours of trading. Shares of the Greensboro, North Carolina-based company had gained 10% in the year-to-date period, while dropping 3% in the past 52-weeks.