Shares of Qorvo (NASDAQ:QRVO) gained over 7.5% in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.26, which beat analysts’ consensus estimate of $0.13 per share. Sales decreased by 45.9% year-over-year, with revenue hitting $632.7 million. This beat analysts’ expectations of $621.35 million.
Qorvo management also offered some guidance going forward. First-quarter revenues are expected between $620 million and $660 million, compared to consensus estimates of $651.19 million. Earnings per share are expected to be around $0.15, which falters against analyst consensus calling for $0.18 per share. Qorvo also expects a gross margin of roughly 41.5%.
Overall, Wall Street has a consensus price target of $110 on Qorvo stock, implying 17.5% upside potential, as indicated by the graphic above.
