Qorvo (QRVO) To Report Earnings Tomorrow: Here Is What To Expect

Communications chips maker Qorvo (NASDAQ: NASDAQ:)
will be reporting earnings tomorrow after the bell. Here’s what to expect.

Last quarter Qorvo reported revenues of $1.10 billion, down 4.7% year on year, beating analyst revenue expectations by 10.1%. It was a strong quarter for the company, with a significant improvement in its inventory levels and an impressive beat of analysts’ EPS estimates.

Is Qorvo buy or sell heading into the earnings? Find out by reading the original article on StockStory.

This quarter analysts are expecting Qorvo’s revenue to grow 34.9% year on year to $1.00 billion, improving on the 33.3% year-over-year decline in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.66 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St’s expectations, beating revenue estimates every single time over the past two years on average by 2.7%.

Looking at Qorvo’s peers in the semiconductors segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. SMART’s revenues decreased 30% year on year, missing analyst estimates by 0.3% and Intel (NASDAQ:) reported revenues up 9.7% year on year, exceeding estimates by 1.5%. SMART traded up 8.2% on the results, and Intel was down 5.7%.

Read the full analysis of SMART’s and Intel’s results on StockStory.

There has been positive sentiment among investors in the semiconductors segment, with the stocks up on average 3.7% over the last month. Qorvo is down 4.5% during the same time, and is heading into the earnings with analyst price target of $112.5, compared to share price of $104.

The author has no position in any of the stocks mentioned.