HomeFinancial MarketsHere is why Qorvo Inc. (QRVO) stock turnaround in the after-hours on...

Here is why Qorvo Inc. (QRVO) stock turnaround in the after-hours on Wednesday?

Qorvo Inc. (QRVO) shares fell 8.26% in after-hours on Wednesday, November 03, 2021, and closed the daily trading at $163.40. however, in the regular trading session, QRVO’s stock gained 3.50%. QRVO shares have risen 38.66% over the last 12 months, and they have moved up 7.78% in the past week. Over the past three months, the stock has lost 8.54%, while over the past six months, it has declined 3.56%.

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QRVO latest announcement

On November 03, 2021, Qorvo (QRVO) announced financial results for the Company’s fiscal 2022 second quarter ended October 2, 2021.


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Q2 2022 financial highlights

  • QRVO reported total revenue of $1.255 billion for Q2 2022 compared to $1.06 billion in Q2 2021.
  • The gross profit margin was 49.5% compared to 46.4% in Q2 2021.
  • Total operating expenses were $259.2 million in Q2 2022 compared to $269.9 million in Q2 2021
  • It earned a net income of $319.2 million in Q2 2022 compared to a net income of $136.9 million in Q2 2021.
  • Diluted earning per share was $2.84 in Q2 2022 compared to $1.18 in Q2 2021.

Financial guidance for Q3 2022

For the next quarter, the company is expecting

  • Total revenue in the range of $1.09 billion to $1.12 billion.
  • Non-GAAP gross margin between 52% and 52.5%
  • Non-GAAP diluted earnings per share of $2.75

QRVO new appointment

On November 03, 2021, Qorvo (QRVO) appointed Philip Chesley as president of Qorvo’s Infrastructure & Defense Products segment. Mr. Chesley will report to Bob Bruggeworth, president and chief executive officer of Qorvo, and he will succeed James Klein, who previously announced his intention to retire from the company.

QRVO acquired UnitedSiC

On November 03, 2021, Qorvo® (QRVO) acquired United Silicon Carbide (UnitedSiC), which is a leading manufacturer of silicon carbide (SiC) power semiconductors. The acquisition will expand Qorvo’s reach into the fast-growing markets for electric vehicles (EVs), industrial power, circuit protection, renewables, and data centre power. UnitedSiC will be led by Dr. Chris Dries, who was formerly United Silicon Carbide’s president and CEO and it will become part of Qorvo’s Infrastructure & Defense Products (IDP) business.

QRVO participation in the recent event

Qorvo® (QRVO) recently participated at the Citi 2021 Global Technology Virtual Conference which was held on Monday, September 13, 2021. The company was presented by its executives during the event.

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Conclusion

Though its earnings and revenue for Q2 2022 beat the analyst’s estimates, it was still unable to attract investors due to which its shares declined in the after-hours on Wednesday. let’s see how it performs on Thursday?

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