Communications chips maker Qorvo (NASDAQ: QRVO) will be reporting results this Tuesday after market close. Here’s what to expect.
Qorvo met analysts’ revenue expectations last quarter, reporting revenues of $993 million, up 8.4% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.
Is Qorvo a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Qorvo’s revenue to decline 7.9% year on year, in line with the 7.6% decrease it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Qorvo has a history of exceeding Wall Street’s expectations.
Looking at Qorvo’s peers in the processors and graphics chips segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Intel delivered year-on-year revenue growth of 7.2%, beating analysts’ expectations by 9.6%, and Penguin Solutions reported a revenue decline of 6.2%, topping estimates by 0.8%. Intel traded up 23.6% following the results while Penguin Solutions was also up 13.4%.
Read our full analysis of Intel’s results here and Penguin Solutions’s results here.
There has been positive sentiment among investors in the processors and graphics chips segment, with share prices up 34.9% on average over the last month. Qorvo is up 17.2% during the same time and is heading into earnings with an average analyst price target of $88.93 (compared to the current share price of $93.13).
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