Qorvo Surges After-Hours Amid Strong Q1 Earnings

Qorvo reported Q1 revenue of $818.8mln, beating the Street consensus of $775.6mln, and EPS of 92 cents, beating the Street consensus of 63 cents. The company's guidance for Q2 revenue is $975mln to $1.075bln, and non-GAAP EPS is $1.75 to $2.25. Qorvo stock is up 8.13% to $91.55 in after-hours trading.

Qorvo Inc. (Nasdaq: QRVO) reported strong financial results for its fiscal 2026 first quarter, ending June 28, 2025. The company's revenue for the period was $818.8 million, exceeding the Street consensus of $775.6 million. Earnings per share (EPS) came in at $0.92, beating the consensus of $0.63. Qorvo's stock price surged by 8.13% to $91.55 in after-hours trading following the announcement.

On a GAAP basis, Qorvo's gross margin was 40.5%, operating income was $30.1 million, and diluted EPS was $0.27. On a non-GAAP basis, the company's gross margin was 44.0%, operating income was $108.2 million, and diluted EPS was $0.92. The company's guidance for the second quarter (Q2) revenue is $975 million to $1.075 billion, with non-GAAP EPS expected to range from $1.75 to $2.25.

Bob Bruggeworth, president and CEO of Qorvo, stated, "The Qorvo team delivered a strong fiscal 2026 first quarter. We are undertaking a broad set of initiatives to structurally enhance profitability, and we are already seeing the positive effects of these strategic actions. In the September quarter, we expect sequential growth and margin expansion to be supported by increases in Qorvo content and unit volumes in large customer programs."

Grant Brown, chief financial officer of Qorvo, added, "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. Furthermore, our fiscal second quarter non-GAAP gross margin guidance of 48% - 50% would represent a 200 basis-point improvement versus last year at the midpoint. These improvements demonstrate the actions being undertaken across our product portfolio, business segments, and manufacturing footprint that will enable us to improve profitability as we advance through fiscal 2026 and into fiscal 2027."

Qorvo's stock price reacted positively to the news, reflecting investor confidence in the company's financial performance and future prospects. The company's strong Q1 results and guidance for the upcoming quarters suggest continued growth and profitability for the fiscal year.

References:
[1] https://ir.qorvo.com/news-releases/news-release-details/qorvor-announces-fiscal-2026-first-quarter-financial-results