Shares of Qorvo (NASDAQ:QRVO) rose today after the company reported better-than-expected second-quarter results yesterday.
Qorvo's shares were up by as much as 13.9% today, but the tech stock has gained 7.6% as of 11:58 a.m. EST.
Investors were happy to see that Qorvo's non-GAAP (adjusted) diluted earnings per share of $2.43 in the second quarter easily surpassed Wall Street's consensus estimate of $2.14 per share. Qorvo's revenue also beat analysts' estimates, with the company reporting $1.06 billion, compared with Wall Street's expectation of $1.01 billion.
The company's second-quarter results outperformed its own revenue and earnings guidance, and Qorvo's management is optimistic that the company will continue growing in the third quarter.
Qorvo's chief financial officer, Mark Murphy, said in a press release, "We project robust end market demand to continue into the December quarter. With our product and technology mix, operating performance and capital discipline, we are projecting record operating margins in the current quarter and free cash flow of approximately $900 million for the fiscal year."
The company's management provided guidance for the third quarter, with revenue of $1.06 billion and non-GAAP diluted earnings per share of $2.65, both at the midpoint. If Qorvo hits those targets, it would represent a revenue increase of 85% year over year and a gain of 42% for the company's earnings.