Published on 2 May 2024 on Zacks via Yahoo Finance

Qorvo (QRVO) Beats Q4 Earnings Estimates on Solid Revenues

Qorvo, Inc. QRVO reported strong fourth-quarter fiscal 2024 results, with the bottom and the top line beating the respective Zacks Consensus Estimate. The company reported healthy top-line expansion year over year, backed by solid demand trends in multiple end markets, including defense, aerospace, power management, WI-FI, smartphone and automotive.

Net Income

On a GAAP basis, the company reported a net income of $2.7 million or 3 cents per share against a net loss of $138.4 million or a loss of $1.39 per share in the prior-year quarter. The significant improvement was primarily attributable to top-line growth.Non-GAAP net income was $135.5 million or $1.39 per share, up from $25.7 million or 26 cents per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimates by 18 cents.