Qorvo Surges After Quarterly Results, New Buyback Plan

Qorvo Inc. late Thursday reported its second-quarter earnings fell to $4.4 million, or 3 cents a share, from $63.3 million, or 85 cents a share, a year ago. On an adjusted basis, the company formed from the merger of RF Micro Devices Inc. and TriQuint Semiconductor Inc. earned $1.22 a share, significantly ahead of the $1.11 a share forecast by analysts in a FactSet survey. Revenue jumped to $708.3 million from $362.7 million. Analysts had projected revenue of $699 million. The board also approved a new $1 billion share repurchase plan. Shares of Qorvo rallied 12% in after-hours session.