Shares of Qorvo Inc. QRVO,
Wednesday ‘s extended session fell more than 9% after the company, which makes radio frequency snacks and others, reported quarterly earnings and sales above Wall Street expectations and directed for next season sales. fourth also above comments. Qorvo said it earned $ 1.1 billion, or $ 1.74 a share, in its third fiscal quarter of 2021, compared to $ 161.4 million, or $ 1.36 a share, in the fourth year ago. Changed for one-time items, the company said they earned $ 3.08 a share. Sales rose to $ 1.1 billion from $ 869 million a year ago. Analysts surveyed by FactSet had expected the company to report adjusted earnings of $ 2.68 per share on sales of $ 1.07 billion. The company said it expects “strong market demand to continue at the end of March, driving strong year-over-year revenue growth and widening operating margin.” Qorvo led sales quarter fiscal quarter between $ 1.025 billion and $ 1.055 billion and adjusted EPS at $ 2.42 at midpoint.The stock ended the day trading steadily down 1.9%.