Qorvo (QRVO) Stock Trades Up, Here Is Why
Stock Story
Published Feb 01, 2024 11:48
Updated Feb 01, 2024 12:17
Qorvo (QRVO) Stock Trades Up, Here Is Why
Stock Story -
What Happened: Shares of communications chips maker Qorvo (NASDAQ:QRVO) (NASDAQ: QRVO) jumped 6.3% in the morning session after the company reported fourth-quarter results with revenue, EPS, and free cash flow topping Wall Street's estimates. These beats were driven by strong performance in its advanced cellular group segment ($846 million of revenue versus consensus estimates of $753 million). Inventory levels also improved. Looking ahead, next quarter's revenue and EPS guidance beat expectations.
Lastly, the company announced the acquisition of Anokiwave. According to the press release, Anokiwave supplies high-performance silicon integrated circuits (ICs) for intelligent, active array antennas, and 5G applications. Zooming out, this was a great quarter that should delight shareholders. After the initial pop the shares cooled down to $103.53, up 3.8% from previous close.
Is now the time to buy Qorvo? Find out by reading the original article on StockStory .
What is the market telling us: Qorvo's shares are somewhat volatile and over the last year have had 5 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The biggest move we wrote about over the last year was 9 months ago, when the stock gained 6.9% on the news that the company reported fourth-quarter results that exceeded analysts' revenue, free cash flow, and earnings per share (EPS) expectations. Inventory levels also improved. However, revenue guidance for the next quarter missed consensus estimates. Overall, it was a decent quarter for the company.
Qorvo is down 5% since the beginning of the year, and at $103.53 per share it is trading 9.7% below its 52-week high of $114.61 from December 2023. Investors who bought $1,000 worth of Qorvo's shares 5 years ago would now be looking at an investment worth $1,570.
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Written By: Stock Story
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