Shares of Qorvo (NASDAQ:QRVO) rose 11% Thursday after the company on Wednesday reported first-quarter results that topped Wall Street's expectations.
Qorvo reported its first-quarter results yesterday, with sales of $787.5 million and non-GAAP earnings per share of $1.50. Those figures easily beat analysts' consensus estimates for revenue of $730.2 million and earnings of $1.13.
Qorvo CEO Bob Bruggeworth said in the company's first-quarter press release that "Qorvo delivered an exceptional June quarter, with revenue and EPS well above guidance. The Qorvo team continues to operate very well in a challenging environment."
Aside from the earnings and revenue beat, investors were likely also happy to see that the company's stock received a handful of upgrades and raised price targets by analysts following the quarterly results.
Oppenheimer analyst Andrew Hummel upgraded Qorvo's stock from perform to outperform, with a raised price target of $150. Hummel said that "We're impressed by recent execution and believe management has QRVO ideally positioned to capitalize on 5G structural growth."
Today's share price gains put the company's stock up 10.5% over the past six months.
At the midpoint of guidance, management forecast revenue of $940 million and non-GAAP diluted earnings per share of $1.90 for the second quarter. Those would be increases of 16.5% and 25%, respectively.
CFO Mark Murphy said he expects continued growth in the second quarter, saying in a press release that "we expect robust end market demand and ongoing operational improvements to drive healthy revenue growth, gross margin expansion to approximately 50%, and continued strong free cash flow."