Qorvo Turns In Better-than-expected Quarterly Results

Qorvo Inc. late Thursday reported it swung to a third-quarter loss of $11.1 million, or 8 cents a share, from a profit of $87.9 million, or $1.18 a share, in the same quarter last year. On an adjusted basis, the company formed from the merger of RF Micro Devices Inc. and TriQuint Semiconductor Inc. earned $1.03 a share. Revenue jumped to $620.7 million from $397.1 million. Analysts surveyed by FactSet had forecast earnings of 94 cents a share on revenue of $620 million. For the fourth quarter, Qorvo projected revenue of about $600 million and earnings per share in a range of 90 cents to 95 cents. Shares of Qorvo shares slid 0.7% in after-hours trading.