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GREENSBORO, N.C. - Qorvo Inc . (NASDAQ:QRVO) shares surged 11.5% after the connectivity and power solutions provider reported fiscal first-quarter earnings that significantly exceeded analyst expectations, driven by broad-based demand and improved profitability.
The company reported adjusted earnings of $0.92 per share for the quarter ended June 28, 2025, handily beating the analyst consensus of $0.63. Revenue came in at $818.8 million, also surpassing the consensus estimate of $776.3 million, though representing a 7.7% decline YoY from $886.7 million. The strong market reaction reflects investor enthusiasm for the company’s better-than-expected performance and optimistic outlook.
"The Qorvo team delivered a strong fiscal 2026 first quarter," said Bob Bruggeworth, president and CEO of Qorvo. "We are undertaking a broad set of initiatives to structurally enhance profitability, and we are already seeing the positive effects of these strategic actions."
For the second quarter, Qorvo forecasts revenue of approximately $1.025 billion (plus or minus $50 million) and adjusted earnings per share of $2.00 (plus or minus $0.25). The company also expects non-GAAP gross margin to improve to between 48% and 50%, which would represent a 200 basis-point improvement compared to the same period last year.
Chief Financial Officer Grant Brown highlighted the company’s financial progress, stating, "Qorvo’s fiscal first quarter revenue and non-GAAP EPS exceeded the high-end of guidance, driven by broad-based demand. Fiscal first quarter non-GAAP gross margin of 44% achieved the high-end of guidance and represented a meaningful year-over-year improvement."
The company’s adjusted gross margin improved to 44.0% from 40.9% in the same quarter last year, reflecting the success of Qorvo’s profitability initiatives across its product portfolio, business segments, and manufacturing operations.
Qorvo generated $182.9 million in operating cash flow during the quarter and $145.4 million in free cash flow after capital expenditures of $37.5 million, demonstrating strong liquidity and financial flexibility as it continues to execute its strategic initiatives.
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